The National Bureau of Statistics (NBS) has reported a decline in the average retail price of petrol in Nigeria. According to the NBS Petrol Price Watch released in Abuja, the average price per liter dropped from N264.29 in March to N254.06 in April 2023.

This represents a decrease of 3.87% compared to the previous month.

However, on a year-on-year basis, the average retail price of petrol has increased significantly. In April 2023, it stood at N254.06, indicating a 47.18% rise compared to April 2022 when it was N172.61.

The NBS provided state profiles and zone-wise analysis as well. Taraba recorded the highest average retail price of N320.00 per liter, followed by Imo at N310.55 and Jigawa at N305.00. Conversely, Sokoto had the lowest average retail price at N195.00, followed by Benue at N198.13 and Kogi at N206.11.

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In terms of zones, the South-East had the highest average retail price at N291.15, while the North-Central had the lowest at N208.88.

Additionally, the NBS Diesel Price Watch Report for April 2023 revealed a 28.69% year-on-year increase in the average retail price of diesel. It rose from N654.46 per liter in April 2022 to N842.25 per liter in April 2023.