April 18, 2024

Petrol price stands at N696.79 in March – NBS


The National Bureau of Statistics (NBS), has said that the average retail price of a litre of petrol increased from N246.29 in March 2023 to N696.79 in March 2024.

The bureau made this known in its Petrol Price Watch for March 2024, released in Abuja on Thursday.

It said that the March 2024 price of N696.79 represented a 163.65 per cent increase over the price of N264.29 recorded in March 2023.

“Comparing the average price value with the previous month of February 2024, the average retail price increased by 2.56 per cent from N679.36.

“On state profile analysis, Taraba paid the highest average retail price of N761.92 per litre, followed by Yobi i and Adamawa at N749.09 and N735.00, respectively.

“Conversely, Lagos, Oyo, and Ogun paid the lowest average retail price at N630.75, N645.88 and N651.25,” the bureau said.

The report said analysis by zones showed that the North-East zone recorded the highest average retail price in March 2024 at N732.37, while the South-West recorded the lowest price at N654.24 per litre.