The National Bureau of Statistics (NBS) report titled, “Premium Motor Spirit (Petrol) Price Watch” for July 2023, showed that Borno state topped the price chart at N657.27 per litre, overshooting the post-subsidy adjusted official price of N600.35 per litre for that region by 9.5 percent.
Some states in Nigeria are groaning under arbitrary increases in the pump price of petrol beyond the official post-subsidy prices.
Abia state followed with N643.15, while Gombe state ranked third with N642.22, thus overshooting the adjusted prices by 7.13 per cent and 6.9 per cent respectively.
Meanwhile, the average price of Premium Motor Spirit, PMS, rose year-on-year, YoY, by 215.95 per cent to N600.35 in July 2023 from N190.01 recorded in the corresponding period of 2022.
This also comes as the average retail price of Automotive Gas Oil (diesel) increased year-on-year, YoY, by 2.60 percent to N794.48 per litre in July 2023 from N774.38 per litre in July 2022.
On a month-on-month basis, the retail price of a litre of petrol increased by 9.99 per cent to N600.35 in July 2023 from N545.83 in June 2023 while the price of diesel decreased on a month-on-month basis by 2.62 per cent to N794.48 in July 2023 from N815.83 in June 2023.
