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 N671.86 per litre in December 2023, up from N206.19 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 N671.86 price was a 3.53 percent increase from the N648.93 sold in November.

According to the statistics bureau, petrol sold at the highest price in Ogun state, at N776.54, with Taraba and Adamawa following closely with pump prices of N760.00 and N745.71, respectively.

The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, 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 N648.93. On State profile analysis, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.

“On the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively. Lastly, on the Zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69.”

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 N185 per litre to more than N600, which it now sells.