Latest Petrol Price Update as of October 28, 2023
Saturday, 28 October 2023
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According to the most recent report from the National Bureau of Statistics (NBS), the price of Premium Motor Spirit (PMS), commonly referred to as petrol, has surged significantly by 226.75% on a year-on-year (YoY) basis. This increase has propelled the per-liter cost to a remarkable N626.21 in September 2023, compared to the N191.65 recorded during the same period in 2022. The surge in fuel prices has had a notable impact on several states, where oil marketers have grappled with importing petrol, even months after the deregulation of Nigeria's downstream sector.
The NBS report additionally reveals that Taraba State presently leads the nation in fuel prices at N665.70 per liter, surpassing the post-subsidy adjusted price for that region by 9.8%. Borno State closely follows with a rate of N657.37 per liter, while Benue State ranks third with N641.29 per liter, exceeding the post-subsidy price by 8.7% and 6.4%, respectively. On the flip side, Rivers, Delta, and Jigawa states offer the most economical retail prices for petrol, with rates of N602.55, N605.88, and N617.42 per liter, respectively. CONTINUE READING........
In a parallel report concerning Automotive Gas Oil (Diesel) prices for September 2023, the NBS disclosed that Kano State tops the list with a price of N967.78 per liter, marking a 7.9% increase from N890.80 per liter. Anambra State follows closely at N950.95 per liter, with Niger State in third place at N950.55 per liter, reflecting increases of 6.3% for both states.
The cost of diesel, too, has seen a substantial YoY surge of 12.77%, with the average retail price now standing at N890.80 per liter in September 2023, up from N789.90 per liter in 2022.
The impact of these escalating fuel prices on the market is palpable, as many filling stations remain closed in Lagos and surrounding areas. Commenting on the situation, Tunji Oyebanji, the former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), pointed to the continuous rise in diesel prices and the challenge of accessing foreign exchange as contributing factors. Oyebanji emphasized the need to involve more players in the importation of petroleum products to ensure healthy competition. CONTINUE READING.........
Benneth Korie, the National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), highlighted the plight of depot owners, who are struggling due to soaring crude oil costs and unstable exchange rates. He noted that many depots are left without stock as owners are unable to secure bank loans, with banks hesitating to release funds due to the volatility and high cost of foreign exchange.
In response to the situation, the Nigerian National Petroleum Company Limited (NNPCL) has assured the public of ample fuel supply, with at least 30 days of sufficiency. Motorists are advised to refrain from panic buying, as distribution is expected to normalize in the coming days.
While these challenges persist in Nigeria's fuel market, the issue of rising fuel and diesel prices remains a central concern for both consumers and industry stakeholders.
Source: Vanguard News
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