NBS Says Petrol Price Increases By 42.63% Per Litre In One Year

-


According to the National Bureau of Statistics (NBS), the average retail price of a litre of petrol has increased from N185.30 in March 2022 to N264.29 in March 2023.

This was made known in its Petrol Price Watch for March 2023 released in Abuja on Monday.

It stated that the March 2023 price of N264.29 represented a 42.63 per cent increase over the price of N185.30 recorded in March 2022.

“Comparing the average price value with the previous month of February 2023, the average retail price increased by 0.20 per cent from N263.76.

“On states profiles analysis, Imo paid the highest average retail price of N332.67 per litre, followed by Taraba at N330.00 and Borno at N324.55.

“Conversely, Benue paid the lowest average retail price of N195.00, followed by Plateau at N196.79 and Nasarawa at N197.50, ” it stated.

Analysis by zone showed that the South-East recorded the highest average retail price in March 2023 at N306.00 per litre, while the North-Central recorded the lowest at N205.10 per litre.

The NBS also stated in its Diesel Price Watch Report for March 2023 that the average retail price paid by consumers increased by 55.90 per cent on a year on year basis.

It explained that the retail price moved from a lower cost of N539.32 per litre recorded in March 2022 to a higher cost of N836.81 per litre in March 2023.

“On a month-on-month basis, the price increased by 0.47 per cent from the N836.91 per litre recorded in February 2023 to an average of N840.81 in March 2023 ,’’ it added.

On state profiles analysis, the report said the highest average price of diesel in March 2023 was recorded in Bauchi at N910.46 per litre, followed by Abuja at N889.44 and Adamawa at N880.33 per litre.

On the other hand, the lowest price was recorded in Bayelsa at N768.04 per litre, followed by Katsina at N779.78 per litre and Edo at N797.14 per litre.

In addition, the analysis by zone showed that the North East had the highest price at N856.42 per litre, while the South-South Zone recorded the lowest price at N816.92 per litre.

Comments

Post a Comment

Popular posts from this blog

Mutual Benefits Assurance Plc Gets New Directors

-
Image
  Mutual Benefits Assurance Plc has announced the appointment of four new members to its board of directors. According to a statement by the firm, the new members of the board are Lateef Bakare and Wunmi Eniola-Jegede, who joined as independent non-executive directors, and Messrs. Joseph Oladokun and Adebiyi Ashiru-Mobolaji, who were appointed as executive directors. The underwriting firm revealed that Bakare is a chartered accountant with over 45 years of post-qualification experience. He retired in 1991 as the Quality Assurance Partner at Deloitte. It gurther disclosed that Eniola-Jegede is currently the executive director, business development, strategic planning & human resources at SIFAX Group. According to the statement,  Eniola-Jegede's competencies include business development, strategic planning, project management, business strategy, and organisational development. Prior to Oladokun's appointment, he was the general manager technical of Mutual Benefits Assurance.
Read more

Kwara Government Adopts Tech Innovation To Boost Businesses

-
Image
As a way of boosting businesses and supporting youths in the country, the Kwara Government has adopted use of technology and innovation.  Temi Kolawole, the Managing Director, Ilorin Innovation Hub, revealed this in Ilorin on Thursday at the Ecosystem Engagement on the adoption of the Nigeria Startup Act (NSA) in the state. According to Kolawole, the plan is to move more people from the informal sector to formal sector via tecchnolgy to run their businesses. “We have a very well structured business environment in Kwara. With the introduction of Startup Act, there is hope for Kwara youths. “We wanted to bring in innovation and technology to ease of doing businesses and make life better for Kwara citizens,” he said. He further explained that there are over 100,000 self employed youths across the state who can be upgraded. He said it would take six months to implement the Startup Act and capture young businessmen in the state. “Through capacity building and training, we will surely get th
Read more

Union Bank Grows Gross Earnings By 19 Per Cent

-
Image
For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021. The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income. The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively. Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. “We were focused on our strategy of deepenin
Read more