The National Bureau of Statistics (NBS) reported that the national average retail price for Premium Motor Spirit (petrol) rose by 37.44% year-on-year to N750.17 per liter in June 2024, up from N545.83 per liter in June 2023. However, on a month-to-month basis, the average price decreased by 2.53% from N769.62 per liter in May 2024.
Benue State recorded the highest petrol price at N864.55 per liter, followed by Jigawa at N847.00 and Rivers at N810.00. On the other hand, Lagos had the lowest price at N626.94, with Kwara and Ogun following at N650.00 and N670.63 respectively. The South-South region had the highest average retail price of N794.64, while the South-West had the lowest at N696.42.
The NBS also noted a significant increase in the price of Automotive Gas Oil (diesel), which rose by 79.32% year-on-year to N1462.98 per liter in June 2024, from N815.83 in June 2023. Month-to-month, the price increased by 4.20% from N1403.96 per liter in May 2024.
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Niger State had the highest diesel price at N1979.23 per liter, followed by Cross River at N1920.86 and Taraba at N1742.46. Lagos recorded the lowest diesel price at N1210.77, with Ogun and Abuja close behind at N1239.17 and N1240.00 respectively. The North-East zone had the highest average diesel price at N1659.07, while the South-West had the lowest at N1280.54.
These price changes reflect significant regional variations and indicate the ongoing impact of economic conditions on fuel costs across Nigeria.