The National Bureau of Statistics (NBS) has reported a substantial rise in the average retail price of petrol in Nigeria, increasing from N254.06 per litre in April 2023 to N701.24 in April 2024. This figure represents a significant 176.02 percent increase over one year.
The findings were published in the NBS’s Petrol Price Watch report for April 2024, released in Abuja on Tuesday. The report also highlighted a marginal increase of 0.64 percent in the average retail price from N696.79 in March 2024 to N701.24 in April 2024.
Regional Price Disparities
The report provided an analysis of petrol prices across different states in Nigeria. It revealed that Kogi State had the highest average retail price at N797.78 per litre. This was followed by Nasarawa at N778.89 and Zamfara at N754.29. In contrast, Lagos recorded the lowest average retail price at N633.75, with Niger and Ogun states also on the lower end at N647.14 per litre.
Zonal Price Analysis
In terms of regional price variations, the North-East zone reported the highest average retail price for petrol in April 2024 at N734.70 per litre. On the other hand, the South-West zone recorded the lowest average price at N655.66 per litre.
This sharp increase in petrol prices comes amid ongoing economic challenges and efforts by the Nigerian government to stabilize the economy. The rise in fuel prices is likely to have significant implications for the cost of living and transportation costs across the country.
