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May 21, 2024

Fuel price rises by 176.02% to N701.24 per litre – NBS

Fuel price rises by 176.02% to N701.24 per litre – NBS

By Mariam Eko 

The national average retail price of Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 176.02 percent to N701.24 per litre in April 2024 from N254.06 per litre recorded in the corresponding period of 2023.

On a month-on-month, MoM, basis, an  increase of 0.64 percent was recorded from N696.79 per litre in March 2024 

The National Bureau of Statistics, NBS, report on Premium Motor Spirit (Petrol) Price Watch for April 2024 showed that Kogi State topped the price chart at N797.78, followed by Nasarawa and Zamfara States with N778.89 and N754.29, respectively.

However, Lagos, Niger and Ogun States emerged the states with the lowest retail price for the product at N602.55, N633.75 and N647.14 respectively according to the NBS report.

This comes as the average retail price of Automotive Gas Oil (diesel) increased year-on-year YoY, by 68.01 percent to N1415.06 in April 2024 from N842.25 recorded in April 2023.

On a month-on-month MoM, basis, an increase of 5.51 percent was recorded from N1341.16 per litre in March 2024.

The report stated “the top three State with the highest average price of the product in April 2024 include Taraba State with N1742.46 , Bauchi State with N1669.63 and Borno with N1652.61.

Furthermore, the states with the  lowest prices were, Niger State with N1023.00, Kogi State with N1152.50 and Adamawa State with N1257.50.

The Zonal representation of average price of diesel showed that North East zone has the highest price of N1553.80 while North Central Zone has the lowest price N1307.21 when compared with other Zones.