Price of Petrol Rises 222.92% in One Year

By Bliss Okperan

The average price of Premium Motor Spirit (PMS), commonly known as petrol, increased by 222.92 per cent on a year-on-year basis to N630.63 per litre in October 2023 compared to the price of N195.29 per litre it was sold in October 2022.

This is according to the National Bureau of Statistics (NBS) in its Premium Motor Spirit (Petrol) Price Watch for October 2023 released by the stats office on Tuesday.

“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of October 2023 was N630.63, indicating a 222.92 per cent increase when compared to the value recorded in October 2022 at N195.29.” the NBS stated.

Recall that President Bola Tinubu, during his inauguration speech on May 29, 2023, announced an end to the payment of subsidy on petrol, causing the price of the product to significantly rise at the retain fuel stations across the country.

Mr Tinubu said he was discontinuing the payment of petro subsidies because his predecessor, Mr Muhammadu Buhari, did not make provisions for it beyond June 2023 in the year’s budget.

It was argued that in 2022, subsidy payments gulped N4.3 trillion, and because of insufficient funds to run the government, subsidy had to go to free up funds.

In defending his decision to cut of the payment, Mr Tinubu disclosed that only a few so-called elites benefited from subsidy, noting that the country has saved over N1 trillion to expend on healthcare, education, and others.

In its latest report, the NBS said the price of petrol slightly increased by 0.71 per cent on a month-on-month basis from the N626.21 per litre it was sold in September 2023.

It revealed that Lagos, Oyo and Delta States had the lowest average retail prices for fuel in the period under review at N590.95, N592.19 and N599.38, respectively, while Zamfara State had the highest price at N659.38, followed by Gombe and Borno States with N658.33 and N657.27 apiece.