Retail Price Of Petrol Increases By 176.02% YoY -NBS

By Sunday Etuka, Abuja

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 176.02 percent.

NBS, in its Price Watch Report for April 2024 released on Tuesday, revealed that the price increased from the N254.06 recorded in April 2023 to N701.24 in April 2024.

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Similarly, the Bureau said, when compared with the average price value recorded in the previous month of March 2024, the average retail price increased by 0.64% from N696.79.

On State profile analysis, Kogi State had the highest average retail price for Premium Motor Spirit (Petrol), at N797.78, Nasarawa and Zamfara States were next, with N778.89 and N754.29, respectively.

On the other side, Lagos, Niger and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N633.75 and N647.14 respectively.

Lastly, on Zonal profile, the North East Zone had the highest average retail price of N734.70, while the South West Zone had the lowest price of N655.66.

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