The prices of key energy products – petrol, kerosene, cooking gas, and diesel – have increased significantly in March 2023 compared to their respective levels in March 2022. According to NBS, the average price of petrol increased by 42.63 percent from N185.3 per litre in March 2022 to N264.29 in March 2023. Similarly, the average retail price of refilling a 5kg cylinder of cooking gas rose by 22.03 percent from N3,778.3 to N4,600.57, while the average retail price of diesel increased from N539.32 to N836.81 (55.9 percent) over the same period.
May 4, 2023
Nigeria Economic Update (Issue 16)
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Nigeria Economic Update (Issue 7)
Recent domestic Crude oil statistics from the Nigerian National Petroleum Corporation (NNPC), reveals an increase in total crude oil export sales in December 2016. Relative to November 2016, total export sales of crude oil rose from $166.18 million to $195.40 million in December 2016 representing 17.6 percentage (Month-on-Month) increase. The increase is attributable to a rise in crude oil production following a drastic (Year-on-Year) reduction in pipeline vandalism in the preceding month. Given that improvement in oil revenue is critical to fiscal sustainability and external balance, intensified efforts should be implemented towards the maintenance and sustainability of peace in the Niger Delta Region.