Average retail prices of petrol rose by 64.55%, diesel 59.28%- NBS
National Bureau of Statistics NBS
Nike Popoola
The average retail price of Petrol rose by 64.55%, while diesel rose by 59.28% on a year-on-year basis.
Figures obtained by Dailyeconomy from the National Bureau of Statistics (NBS), on Premium Motor Spirit (Petrol) Price Watch (September 2024) and Automotive Gas Oil (Diesel) Price Watch (September 2024) revealed.
The NBS stated that, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for September 2024 was N1030.46, indicating a 64.55% increase compared to the value recorded in Sep tember 2023 (N626.21).
“Likewise, comparing the average price value with the previous month (.i.e. August 2024), the average retail price increased by 24.08% from N830.46.
“On State profile analysis, Katsina State had the highest average retail price for Premium Mo tor Spirit (Petrol), at N1096.15, Ebonyi and Akwa Ibom States were next, with N1090.94 and N1085.71, respectively.
“Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N939.38, N961.67, and N986.67 respective ly. Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55.”
The NBS report on diesel noted that “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 59.28% on a year-on-year basis from a lower cost of N890.80 per liter recorded in the corresponding month of last year (i.e., September 2023) to a higher cost of N1418.83 Per liter in September 2024. On a month-on-month basis, an increase of 0.91% was recorded from N1406.05 in August 2024 to an average of N1418.83 in September 2024.
“Looking at the variations in the State prices, the top three States with the highest average price of the product in September 2024 include Bauchi State (N2061.67), Gombe State (N1615.00), and Akwa Ibom State (N1592.86).
“Furthermore, the top three lowest prices were recorded in the following State namely, EKiti State (N1241.46), Abuja (N1262.25), and Oyo State (N1276.47). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1581.97 while South West Zone has the lowest price of N1333.06 when com pared with other Zones.”
