PMs Price Increases By 81% in 3 Years Despite Subsidy Payment – NBS

 

Petrol Price Increases By 81% in 3 Years

Despite Subsidy Payment – NBS

The National Bureau of Statistics (NBS) has said that the price of petrol has increased by 81 percent in the last three years.

This was contained in a report released by the Bureau recently, following findings which revealed that the Federal Government has paid about N5.83trillion as subsidy on petroleum products.

The NBS report showed that the price of petrol grew from N145.41 per litre to N263.76 per litre between February 2020 and February 2023.

It further stated that the average retail price paid by consumers for petrol in February 2023 was N263.76 per litre, which indicates a 54.76 percent increase when compared to the value of N170.42 obtainable in February 2022.

According to the report, when comparing the average price with that of January 2023, the average retail price increased by 2.58 percent from N257.12.

In the last three years, fuel subsidy has increased from N134 billion in 2020 to N1.43 trillion in 2021, then N4.39 trillion in 2022 and is projected to increase further in 2023.