The National Bureau of Statistics (NBS) released data on Thursday revealing a significant increase in the average retail price of Premium Motor Spirit (Petrol) in Nigeria.
According to the report, the average retail price paid by consumers for petrol in March 2024 was N696.79, marking a staggering 163.65% increase compared to the value recorded in March 2023, which stood at N264.29.
Also, the data indicates a 2.56% increase in the average retail price of petrol from the previous month, February 2024, when it was N679.36.
The report further provides a state profile analysis, highlighting that Taraba State had the highest average retail price for petrol at N761.92, followed by Yobe and Adamawa States at N749.09 and N735.00, respectively.
Conversely, Lagos, Oyo, and Ogun States recorded the lowest average retail prices for petrol, at N630.75, N645.88, and N651.25, respectively.
It presents a zonal profile, revealing that the North East Zone had the highest average retail price of N732.37, while the South West Zone had the lowest price of N654.24.
“The significant increase in the average retail price of petrol reflects the ongoing challenges in the global oil market and their impact on domestic fuel prices. This has implications for the cost of living and transportation for Nigerian consumers.”
