The national average retail price for Premium Motor Spirit, also known as petrol, increased by 37.44 percent in June 2024 compared to the same period in 2023.
The price went up to N750.17 per litre from N545.83 per litre in June 2023.
However, on a month-to-month basis, the average retail price of petrol decreased by 2.53 percent from N769.62 per litre in May 2024.
The National Bureau of Statistics released a report on Premium Motor Spirit (Petrol) Price Watch for June 2024. It showed that Benue State had the highest petrol price at N864.55 per litre, followed by Jigawa and Rivers States with N847.00 and N810.00 respectively.
Lagos, Kwara, and Ogun States had the lowest petrol prices. Lagos recorded N626.94 per litre, Kwara had N650.00, and Ogun was at N670.63. The report also noted that the South-South zone had the highest average retail price at N794.64, while the South-West zone had the lowest at N696.42.
The report also covered the price of Automotive Gas Oil, known as diesel, which increased by 79.32 percent over the year. In June 2024, the average retail price was N1462.98 per litre, compared to N815.83 per litre in June 2023. On a month-to-month basis, the price rose by 4.20 percent from N1403.96 per litre in May 2024.
The NBS report stated, “Looking at the variations in the State prices, the top three States with the highest average price of the product in June 2024 include Niger State (N1979.23), Cross River State (N1920.86), and Taraba (N1742.46).”
The states with the lowest diesel prices were Lagos at N1210.77 per litre, Ogun at N1239.17, and Abuja at N1240.00. The North East Zone had the highest average price of diesel at N1659.07, while the South West Zone had the lowest at N1280.54.
