A new report by the National Bureau of Statistics (NBS) has revealed that the average price consumers paid for fuel in April stood at ₦701.24 per litre, indicating a 176 per cent rise compared to the amount it sold for in the previous year.
Naija News reports that the NBS report, released on Tuesday, highlights that the price of petrol rose slightly by 0.64% from ₦696.79 per litre in March 2024.
This recent spike contrasts sharply with April 2023, when petrol was considerably cheaper at ₦254.06 per litre.
The report’s state-by-state analysis shows that Kogi State recorded the highest average retail price, at ₦797.78 per litre.
Close behind were Nasarawa and Zamfara States, where consumers paid ₦778.89 and ₦754.29, respectively.
Conversely, the lowest prices were observed in Lagos, Niger, and Ogun States, with prices standing at ₦602.55, ₦633.75, and ₦647.14 per litre respectively.
Regionally, the North East emerged as the zone with the highest average price at ₦734.70 per litre, while the South West enjoyed the lowest average price at ₦655.66.
The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of April 2024 was ₦701.24, indicating a 176.02% increase when compared to the value recorded in April 2023 (₦254.06). Likewise, comparing the average price value with the previous month (.i.e. March 2024), the average retail price increased by 0.64% from ₦696.79.
“On State profile analysis, Kogi State had the highest average retail price for Premium Motor Spirit (Petrol), at ₦797.78, Nasarawa and Zamfara States were next, with ₦778.89 and ₦754.29, respectively.
“On the other side, Lagos, Niger and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at ₦602.55, ₦633.75 and ₦647.14 respectively. Lastly, on Zonal profile, the North East Zone had the highest average retail price of ₦734.70, while the South West Zone had the lowest price of ₦655.66.”
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