The National Bureau of Statistics (NBS) has recently released its Petrol Price Watch report for February 2024, revealing a significant increase in the average retail price of petrol in Nigeria. According to the report, the average price of a litre of petrol skyrocketed from N263.76 in February 2023 to N679.36 in February 2024, marking a staggering 157.57% rise.
In a detailed breakdown, the NBS highlighted that the average retail price saw a 1.66% increase from the previous month of January 2024, where it stood at N668.30. The report also delved into state-specific data, revealing that Zamfara had the highest average retail price at N750.43 per litre, followed closely by Kebbi and Taraba at N746.67 and N710.56, respectively. On the other end of the spectrum, Kwara, Ogun, and Benue paid the lowest average retail prices at N650.00, 650.83, and 652.73, respectively.
Further analysis by zones indicated that the North-West zone had the highest average retail price in January 2024 at N701.20, while the South-West recorded the lowest price at N657.20 per litre.
This sharp increase in petrol prices has undoubtedly raised concerns among consumers and policymakers alike, with implications for inflation rates and overall economic stability. As Nigerians grapple with the financial implications of these soaring prices, it remains to be seen how the government will address this pressing issue to ensure the well-being of its citizens.
Stay tuned for more updates on this developing story as we continue to monitor the evolving economic landscape in Nigeria.
