Subsidy removal: Petrol price soared by 210% in one year, says NBS

The National Bureau of Statistics (NBS) says the price of petrol in Nigeria increased by 210.31 percent year-on-year.

This means Nigerians, in June 2023, paid an average price of N545.83 for a litre of petrol compared to N175.89 in the period last year.

Details on the price movement are contained in the bureau’s latest report on premium motor spirit (PMS) for the month of June.

“The average retail price paid by consumers for premium motor spirit (petrol) in June 2023 was N545.83, indicating an increase of 210.31 percent relative to the value recorded in June 2022 (N175.89),” the report said.

“Likewise, comparing the average price value with the previous month (i.e. May 2023), the average retail price increased by 129.23 percent from N238.11.”

TheCable observed that the price of the product rose to high levels since President Bola Tinubu declared that the petrol subsidy had stopped.

The development elicited copious criticism from Nigerians who believed that the current price of the product would negatively affect a huge chunk of the population.

A state profile analysis of petrol prices in Nigeria showed that Taraba had the highest average retail price at N562.86 per litre. Yobe and Kano followed closely, with average retail prices of N562.31 and N561.82 per litre, respectively.

At N534.44 per litre, the NBS said Anambra had the lowest average retail price; while Ebonyi and Oyo trailed with average retail prices of N535 and N537.43 per litre, respectively.

On a zone basis, according to the data bureau, the north-east had the highest average retail price in June 2023.

NBS said the average retail price in the north-east region was N557.03 per litre, while the south-west had the lowest average retail price at N539.36.

On Thursday, the National Economic Council (NEC) proffered ways of cushioning the impact of high petrol prices on Nigerians.

The council, presided over by Vice-President Kashim Shettima, proposed implementing a cash transfer programme for states based on their social registers.

But NEC said “there’s a big question mark about the integrity” of the national social register — and as such — asked states to develop their respective registers.