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