Nigeria’s Fuel price increased in July – NBS

The National Bureau of Statistics said the average pump price of Premium Motor Spirit(Petrol) increased by 28.35 percent to N770.54 per litre in July 2024 from N600.35 in the corresponding Month last year.

NBS disclosed this in its latest Petrol Price Watch for July 2024.

The data also showed that the average retail price increased by 2.72 percent from N750.17 in June 2024.

On state profile analysis, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N950.00, Jigawa and Benue State were next, with N903.08 and N846.95, respectively.

Conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75 respectively.

While the Nigerian National Petroleum Company retail outlets sell Petrol at N617 per litre, other retailers sell at N700 and above.

Recall that President Bola Ahmed Tinubu announced fuel subsidy removal in June last year which saw the pump price of petrol increase from N238 per litre to over N600.

However, there has been controversy on whether Fuel subsidies still subsist in Nigeria.

The Nigerian National Petroleum Company Limited recently said it has not paid Fuel subsidies in the last nine to ten years. The firm however explained that it is taking care of Fuel importation shortfalls between the company and the federation.