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- Data from the National Bureau of Statistics has revealed that petrol prices increased again in the month of August
- The report showed that the price of a litre of petrol was sold at a national average price of over N830.46 across the country
- Residents of Benue State paid the highest average retail price for petrol, followed by Bauchi and Gombe States
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N830.46 in August 2024.
This represents a 7.78% increase compared to the N770.54 per litre average price value recorded in July 2024.
Source: Getty Images
NBS stated this in its latest PMS price watch report published on its website, which was analysed by Legit.ng.
The average petrol price in August is a 32.51% increase compared to the value recorded in August 2023 (N626.70 per litre).
Petrol prices differ by states
Furthermore, the NBS provided a breakdown of the average price of petrol by states, including states with the highest and lowest prices.
Based on the state profile analysis data, Benue State had the highest average retail price for petrol, at N941.24, and Bauchi and Gombe States were next, with N935.71 and N925.00, respectively.
Conversely, Delta, Cross River, and Edo States had the lowest average retail prices for petrol, at N667.50, N672.00, and N676.25, respectively.
Lastly, on the Zonal profile, the North-East Zone had the highest average retail price of N908.21, while the South-South Zone had the lowest price of N677.11.
States with the cheapest price of petrol
- Kwara: N650.00
- Edo: N669.75
- Akwa Ibom: N673.75
- Abuja: N677.00
- Cross River: N677.78
- Delta: N680.00
- Bayelsa: N684.00
- Rivers: N684.55
- Lagos: N693.82
- Ogun: N742.22
10 most expensive states to buy petrol
- Benue: N941.24
- Bauchi: N935.71
- Gombe: N925.00
- Yobe: N916.00
- Jigawa: N902.67
- Taraba: N899.67
- Borno: N893.29
- Imo: N891.93
- Abia: N887.72
- Zamfara: N887.69
NNPC slash Dangote petrol price for marketers
Legit.ng reports that 11Plc, TotalEnergies, AA Rano, and other marketers have started lifting Dangote petrol through the Nigerian National Petroleum Company (NNPC) Trading Limited for distribution to retail outlets nationwide at a price of N765.99 per litre.
This price is significantly lower than the previously announced N898 per litre, which NNPCL stated it paid to lift petrol from Dangote Refinery.
On Thursday, September 19, 2024, Tunji Oyebanji, the managing director of 11Plc, confirmed the development.
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Source: Legit.ng
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