The National Bureau of Statistics (NBS) in its latest report has disclosed a sharp increase in the average retail price of petrol in Nigeria, with the cost of a litre rising from N626.70 in August 2023 to N830.46 in August 2024.
The significant surge represents a 32.51 percent year-on-year increase, signaling growing fuel costs.
The report, released on Monday, further highlighted that the average retail price of petrol also experienced a 7.78 percent jump from N770.54 in July 2024, reflecting the continued upward trend in the cost of the commodity.
Comparing the average price value with the previous month of July, the average retail price increased by 7.78 percent from N770.54.”
“Comparing the average price value with the previous month of July, the average retail price increased by 7.78 percent from N770.54,” the NBS noted.
The NBS analysis of petrol prices across various states showed significant differences.
According to the report, Benue State recorded the highest average retail price per litre at N941.24, followed closely by Bauchi and Gombe States, where the prices were N935.71 and N925.00, respectively.
In contrast, the report revealed that Delta, Cross River, and Edo States paid the lowest average prices in August 2024, with Delta at N667.50, Cross River at N672.00, and Edo at N676.25.
The disparity in prices was also evident across Nigeria’s geopolitical zones.
“The North-East Zone recorded the highest average retail price in August 2024 at N908.21, while the South-West recorded the lowest price at N677.11 per litre,” the report added.
The Bureau, in its Diesel Price Watch for August 2024, also provided insight into the rising cost of diesel, indicating a year-on-year price increase of 64.58%.
It noted that the average retail price of a litre of diesel jumped to N1,406.05, compared to N854.32 in August 2023.
“On a month-on-month basis, the price increased by 1.93% from the N1,379.48 per litre recorded in July 2024,” the NBS stated, highlighting the persistent inflationary pressures on fuel products.
Kaduna State recorded the highest diesel price in August at N1,979.23 per litre, with Bauchi following at N1,927.34, and Taraba at N1,638.14.
Conversely, the lowest prices were recorded in Lagos at N1,237.14, Ogun at N1,255.00, and Osun at N1,268.18.
Analysis by zones mirrored the trend seen in petrol prices, with the North-East Zone reporting the highest diesel price at N1,621.23 per litre, while the South-West recorded the lowest at N1,283.47.
Source: The Nation
