Nigerians paid 24 per cent more for a litre of Premium Motor Spirit (PMS) in September, according to data from the National Bureau of Statistics (NBS).
The average retail price for PMS rose from N830.46 in August 2024 to N1030.46 in September, marking a 64.55 per cent increase compared to the same period in 2023.
According to the NBS data collected from over 10,000 respondents across 774 local government areas in all 36 states and the Federal Capital Territory (FCT), Abuja, Katsina State had the highest price at N1096.15, followed by Ebonyi at N1090.94 and Akwa Ibom at N1085.71.
In contrast, Yobe recorded the lowest price at N939.38, with Sokoto and Kebbi States trailing at N961.67 and N986.67, respectively.
On a zonal level, the North-West had the highest average price at N1036.52, while the North-East recorded the lowest at N1014.55.
This increase come despite the the rising cost of living. According to recent a World Bank report, 129 million Nigerians, or 56 per cent of the population, are living below the poverty line, which is a sharp increase from 40.1 per cent reported in 2018. The report attributed the rise in poverty to slow economic growth failing to outpace inflation, with real GDP per capita still below its pre-recession level of 2016.
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