The National Bureau of Statistics (NBS) has disclosed that the average retail price of Premium Motor Spirit (Petrol) in Nigeria increased by 64.55% in September 2024 compared to the same period last year.
NBS also said the Automotive Gas Oil (Diesel) also saw an increase of 59.28% in September 2024 compared to the same period last year.
NBS, in its latest report on Thursday, said the average retail price paid by consumers for petrol in September 2024 was N1030.46, a jump from N626.21 in September 2023.
Likewise, comparing the average price value with the previous month (i.e., August 2024), the average retail price increased by 24.08% from N830.46.
On state analysis, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N1096.15, Ebonyi and Akwa Ibom States were next, with N1090.94 and N1085.71, respectively. Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N939.38, N961.67, and N986.67, respectively.
While on the Zonal profile, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55.
Meanwhile, the average retail price of Diesel paid by consumers increased by 59.28% on a year-on-year basis from a lower cost of N890.80 per litre recorded in the corresponding month of last year (i.e., September 2023) to a higher cost of N1418.83 Per litre in September 2024.
NBS said on a month-on-month basis, an increase of 0.91% was recorded from N1406.05 in August 2024 to an average of N1418.83 in September 2024. Looking at the variations in the State prices, the top three states with the highest average price of the product in September 2024 include Bauchi State (N2061.67), Gombe State (N1615.00), and Akwa Ibom State (N1592.86).
The top three lowest prices were recorded in the following states, namely, Ekiti State (N1241.46), Abuja (N1262.25), and Oyo State (N1276.47).
The zonal representation of the average price of Automotive Gas Oil (diesel) shows that North East Zone has the highest price of N1581.97, while South West Zone has the lowest price of N1333.06 when compared with other Zones.
