Average Fuel Price Rises To ₦750.17 Per Litre

The national average retail price for Premium Motor Spirit, commonly known as petrol, saw a significant year-on-year increase of 37.44%, rising to  ₦750.17 per litre in June 2024 from  ₦545.83 per litre in June 2023.

This data was revealed in a recent report by the Nigerian National Petroleum Corporation (NNPC).

Despite this substantial annual increase, the average retail price experienced a slight month-on-month decline of 2.53%, falling from  ₦769.62 per litre in May 2024 to  ₦750.17 per litre in June 2024.

The increase in petrol prices can be attributed to several factors, including fluctuations in global oil prices, exchange rate volatility, and changes in government policies regarding fuel subsidies.

The National Bureau of Statistics, NBS, report on Premium Motor Spirit,(Petrol) Price Watch for June 2024 disclosed that Benue State topped the price chart for the product at  ₦864.55, followed by Jigawa and Rivers States with  ₦847.00 and  ₦810.00 respectively.

However, Lagos, Kwara and Ogun States emerged as the states with the lowest retail price for the product at  ₦626.94,  ₦650.00 and  ₦670.63, respectively. Lastly, the South-South zone had the highest average retail price of  ₦794.64, while the South-West zone had the lowest price of  ₦696.42

Meanwhile, the average retail price of Automotive Gas Oil, also known as diesel, increased year-on-year, YoY, by 79.32 per cent to  ₦1462.98 per litre in June 2024 from  ₦815.83 recorded in June 2023.

On a month-on-month, MoM basis, an increase of 4.20 per cent was recorded from  ₦1403.96 per litre in May 2024.

The report stated, “Looking at the variations in the State prices, the top three States with the highest average price of the product in June 2024 include Niger State ( ₦1979.23), Cross River State ( ₦1920.86), and Taraba ( ₦1742.46).”

Furthermore, the top three lowest prices were recorded in the following State, namely, Lagos State ( ₦1210.77), Ogun State (₦1239.17), and Abuja ( ₦1240.00). The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of  ₦1659.07 while South West Zone has the lowest price of  ₦1280.54 when compared with other Zones.