The National Bureau of Statistics (NBS) has reported a significant increase in the average retail price of petrol, which rose by 176.02% over the past year.
According to the NBS’s “Premium Motor Spirit (Petrol) Price Watch” for April 2024, the average price per litre increased from N254.06 in April 2023 to over N701.24 in April 2024.
The report also noted a month-on-month increase of 0.64% from N696.79 in March 2024. Kogi State recorded the highest average price at N797.78, followed by Nasarawa and Zamfara at N778.89 and N754.29, respectively. In contrast, Lagos, Niger, and Ogun States had the lowest average prices, at N602.55, N633.75, and N647.14, respectively.
The NBS report also highlighted the regional differences in petrol prices, with the North East Zone having the highest average price at N734.70 and the South West Zone the lowest at N655.66. April also saw a resurgence of petrol queues due to supply shortages, which the Nigerian National Petroleum Company attributed to logistics issues.
In addition to petrol, the average retail price of diesel saw a year-on-year increase of 68.01%, rising from N842.25 per litre in April 2023 to N1415.06 in April 2024. The top three states with the highest diesel prices were Taraba (N1742.46), Bauchi (N1669.63), and Borno (N1652.61).
The lowest prices were recorded in Niger (N1023.00), Kogi (N1152.50), and Adamawa (N1257.50). Regionally, the North East Zone had the highest average diesel price at N1553.80, while the North Central Zone had the lowest at N1307.21.
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