Abuja, Oct. 18, 2024 (TheGavel) — The National Bureau of Statistics (NBS) has announced a significant increase in the average retail price of petrol, which soared to N1,030.46 per litre in September 2024. This figure represents a sharp rise from N626.21 per litre recorded in September 2023, marking a staggering 64.55 percent increase over the year.
The revelation comes from the NBS’s Petrol Price Watch report for September 2024, released on Friday in Abuja. The report highlights that when compared to the previous month, August 2024, there was also a notable monthly increase of 24.08 percent, up from an average price of N830.46 per litre.
State-by-state analysis revealed that Katsina State had the highest average retail price at N1,096.15 per litre, followed closely by Ebonyi and Akwa Ibom, which recorded prices of N1,090.94 and N1,085.71 per litre, respectively. Conversely, the states with the lowest average retail prices were Yobe, Sokoto, and Kebbi, with prices of N939.38, N961.67, and N986.67 per litre, respectively.
In a zonal analysis, the North-West Zone emerged as the region with the highest average petrol price at N1,036.52 per litre, while the North-East recorded the lowest average price at N1,014.55 per litre.
The NBS also released its Diesel Price Watch report for September 2024, revealing that the average retail price of diesel rose to N1,418.83 per litre. This represents a 59.28 percent increase compared to the N890.80 per litre paid in September 2023. Month-on-month, the diesel price increased slightly by 0.91 percent from the N1,406.05 per litre recorded in August 2024.
State profiles for diesel prices indicated that Bauchi recorded the highest average price at N2,061.67 per litre, followed by Gombe at N1,616.00 and Akwa Ibom at N1,592.86. In contrast, Ekiti State had the lowest average price at N1,241.46 per litre, followed by Abuja at N1,262.25 and Oyo at N1,276.47.
Zone-wise analysis showed that the North-East Zone had the highest diesel price at N1,581.97 per litre, while the South-West recorded the lowest at N1,333.06 per litre.
These price hikes reflect ongoing challenges in the Nigerian fuel sector and underline the need for policy interventions to stabilize the market.(NAN)
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