Subsidy Removal: Fuel Price Rises By 225.85 Per Cent In One Year – NBS Reveals

The National Bureau of Statistics (NBS), has revealed that the pump price of fuel increased by 225.85 percent to ₦671.86 per litre in December 2023, up from ₦206.19 in December 2022.

Naija News reports that the statistic bureau disclosed this in its premium motor spirit (Petrol) price watch for December 2023, stating that the ₦671.86 price was a 3.53 percent increase from the ₦648.93 sold in November.

According to the statistics bureau, petrol sold at the highest price in Ogun state, at ₦776.54, with Taraba and Adamawa following closely with pump prices of ₦760.00 and ₦745.71, respectively.

The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was ₦671.86, indicating a 225.85% increase when compared to the value recorded in December 2022 (N206.19). Likewise, comparing the average price value with the previous month (.i.e. November 2023), the average retail price increased by 3.53% from ₦648.93. On State profile analysis, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at ₦776.54, Taraba and Adamawa States were next, with ₦760.00 and ₦745.71, respectively.

“On the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at ₦602.78, ₦612.72 and ₦622.71 respectively. Lastly, on the Zonal profile, the North East Zone had the highest average retail price of ₦699.82, while the North Central Zone had the lowest price of ₦657.69.”

Naija News recalls that Bola Tinubu immediately removed fuel subsidy upon assuming office as the country’s president.

The development resulted in an unprecedented increase in petrol pump prices, rising from ₦185 per litre to more than ₦600, which it now sells.