Petrol price increases by 87.88% in a year – NBS report
National Bureau of Statistics NBS
Abdullateef Fowewe
The National Bureau of Statistics has disclosed that the average retail price of premium motor spirit well known as petrol rose by 87.88 per cent between October 2023 and October 2024.
The NBS said while the product sold for N630.63 in October 2023, in October 2024, the price rose to N1,184.83 following the full deregulation of the product as announced by the Nigerian National Petroleum Limited.
This was revealed in a report Dailyeconomy obtained from the NBS website on Tuesday.
Also, comparing the average price value with September 2024, the average retail price increased by 14.98% from N1030.46.
On State profile analysis according to the report, Ebonyi State had the highest average retail price for petrol at N1292.86, Jigawa and Borno States were next, with N1288.18 and N1283.79, respectively.
Conversely, Delta, Nasarawa, and Lagos States had the lowest average retail prices for petrol at N1,050.00, N1,063.68, and N1,080.95 respectively.
Lastly, on the Zonal profile, the South East Zone had the highest average retail price of N1256.76, while the North-Central Zone had the lowest price of N1132.94.
Dailyeconomy on October 18, reported that the average retail price of Petrol rose by 64.55%, while diesel rose by 59.28% on a year-on-year basis, as revealed in the NBS report.
