Fuel

The price of Premium Motor Spirit, otherwise known as petrol increased year-on-year, YoY, by 226.75 per cent to N626.21 per litre in September 2023, from N191.65 per litre, recorded in the corresponding period of 2022. This is even as fuel price continues to rise in many states, due to the inability of oil marketers to import, many months after deregulation of Nigeria’s downstream sector. However, in its latest report – Premium Motor Spirit (Petrol) Price Watch for September 2023 – obtained by Energy Vanguard, the National Bureau of Statistics, NBS, indicated that Taraba State topped the price chart at N665.70 per litre, overshooting the post-subsidy adjusted price of N600.35 per litre for that region by 9.8 per cent. Borno State followed with N657.37 per litre while Benue State ranked third with N641.29 per litre, overshooting the post-subsidy price with 8.7 per cent and 6.4 per cent, respectively. Similarly, in another report – Automotive Gas Oil (Diesel) Price Watch for September 2023 – NBS indicated that Kano State topped the price chart with N967.78 per litre, showing an increase of 7.9 per cent to N890.80 per litre. Anambra State followed with N950.95 per litre while Niger State came third with N950.55 per litre, indicating an increase of 6.3 per cent and 6.3 per cent respectively.
Vanguard