Petrol Prices Skyrocket in Nigeria: Average Price per Litre Reaches N770.54
The National Bureau of Statistics (NBS) has announced a staggering 28.35% increase in the average pump price of Premium Motor Spirit (petrol) in Nigeria, with a new average price of N770.54 per litre in July 2024. This significant rise from the N600.35 price last year has left many wondering whether fuel subsidies still exist in the country.
According to the NBS, the average retail price also witnessed a 2.72% increase, rising from N750.17 in June 2024. The data also shows that state-by-state analysis revealed significant variations in petrol prices, with Katsina State having the highest average retail price at N950.00. Jigawa and Benue States followed closely, with prices of N903.08 and N846.95 per litre, respectively.
Conversely, Kwara, Edo, and Akwa Ibom States recorded the lowest average retail prices, at N650.00, N669.75, and N673.75 per litre, respectively. The Nigerian National Petroleum Company (NNPC) retail outlets sell petrol at N617 per litre, while other retailers charge above N700 per litre.
The recent price hike follows a fuel subsidy removal announcement made by President Bola Ahmed Tinubu in June last year, which saw the petrol pump price increase from N238 per litre to over N600. However, controversy remains around the existence of fuel subsidies in Nigeria, with some speculating that they still subsist.
In a recent statement, the NNPC Limited revealed that it has not paid fuel subsidies in the last nine to ten years, yet claims to be covering fuel importation shortfalls between the company and the federation. As the debate around fuel subsidies continues, Nigerians face the reality of increased petrol costs.
With this significant price hike, Nigerian citizens are left to wonder about the economic implications and the government’s future plans to address the fuel crisis. For now, the average pump price of petrol in Nigeria has reached an unprecedented high of N770.54 per litre, leaving many searching for answers.
