The National Bureau of Statistics (NBS) has disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased year-on-year by 64.55% to N1030.46, from the N626.21 recorded in September 2023.
This is even as it revealed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 59.28% on a year-on-year basis from a lower cost of N890.80 per litre recorded in the corresponding month of last year (i.e., September 2023) to a higher cost of N1418.83 Per litre in September 2024.
NBS disclosed this in its PMS Price Watch, and Diesel Price Watch reports released on Thursday.
It said, when compared with the average price value of the previous month (August 2024), the average retail price of petrol increased by 24.08% from N830.46.
On State profile analysis, the Bureau said, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N1096.15, Ebonyi and Akwa Ibom States were next, with N1090.94 and N1085.71, respectively.
Conversely, it said, Yobe, Sokoto, and Kebbi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N939.38, N961.67, and N986.67 respectively.
On the Zonal profile, NBS said, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55.
As for the Automotive Gas Oil (Diesel), the Bureau said, on a month-on-month basis, an increase of 0.91% was recorded from N1406.05 in August 2024 to an average of N1418.83 in September 2024.
According to the report, the top three States with the highest average price of the product in September 2024 include Bauchi State (N2061.67), Gombe State (N1615.00), and Akwa Ibom State (N1592.86).
While the top three lowest prices were recorded in the following State namely, EKiti State (N1241.46), Abuja (N1262.25), and Oyo State (N1276.47).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1581.97, while South West Zone has the lowest price of N1333.06 when compared with other Zones.
