Energy crisis worsens as diesel, petrol prices hit the roof in January

  • South West, South East zones pay highest prices


Uba Group

The cost of energy increased significantly year- on- year in January 2023 as the average retail price of Automotive Gas Oil (Diesel) paid by consumers in January 2023 was N828.82 per litre, an increase of 187.69 percent from N288.09 per litre recorded in the corresponding month of the previous year.

Similarly, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2023 was N257.12, indicating a 54.52 percent increase relative to the value recorded in January 2022 (N166.40).

Figures that emanated from the National Bureau of Statistics on Monday showed that the South West and South East zones of the country felt the impact of the price increases more than the other zones.

However, Nigerians who reside in the South South and North Central zones of the country paid less to buy diesel and petrol in the period compared to their counterparts in the other zones.

On a state profile analysis, the highest average price of diesel product in January 2023 was recorded in Bauchi with N900.00, followed by Benue with N885.71, and Adamawa with N866.67.

On the other hand, the lowest price was recorded in Bayelsa with N768.75, followed by Edo with N788.00 and Akwa Ibom with N788.75.

On the other hand, Imo state had the highest average retail price for Premium Motor Spirit (Petrol), with N332.14, followed by Rivers with N327.14 and Akwa Ibom with N319.00. On the other hand, Sokoto recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N191.43, followed by Plateau with N192.14 and Borno with N193.91.

Meanwhile, the price of diesel increased by 1.34 percent from N817.86 per litre on a month-on-month basis in January compared to the price reported in December 2022.

Likewise, comparing the average price value with the previous month (.i.e. December 2022), the average retail price of petrol increased by 24.70 percent from N206.19.