Fuel price rises by 157.57% to N679 per litre — NBS

The national average price of Premium Motor Spirit, otherwise known as petrol, increased year-on-year, YoY, by 157.57 percent to N679.36 per litre in February 2024, from N263.76 per litre recorded in the corresponding period of 2023.

However, in its latest report – ‘Premium Motor Spirit (Petrol) Price Watch for February 2024’, the National Bureau of Statistics, NBS, indicated that Zamfara State topped the price chart at N750.43 per litre, followed by Kebbi and Taraba States with N746.67 and N710.56 respectively.

The report stated “Kwara, Ogun and Benue States had the lowest average retail price for Premium Motor Spirit, (Petrol) at N650.00, N650.83 and N652.73 respectively. On zonal profile, the North-West zone had the highest average retail price of N701.20, while the South-West zone had the lowest price of N657.20

Similarly, in another report – ‘Automotive Gas Oil (Diesel) Price Watch for February 2024’ by NBS indicated that the average retail price for diesel increased year-on-year, YoY, by 50.20 percent to N1,257.06 per litre in February 2024, from N836.91 per litre recorded in the corresponding period of 2023.

This is even as diesel price continues to increase in many states with price ranging from N1,600 –N1,700

The report stated “On a month-on-month basis, an increase of 9.02% was recorded from N1,153.01 in the preceding month of January 2024 to an average of N1,257.06 in February 2024.

On States variation analysis, Akwa Ibom State topped the price chart with N1,525.00 per litre, while Gombe state followed with N1,500.00 and Kwara State with N1,440.00.

Furthermore, the States with the lowest prices are Adamawa State with N1,037.50, Kano State with N1,111.43 and Katsina State with N1,125.00. The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that South South Zone has the highest price of N1,343.09 while South West Zone has the lowest price N1,164.05 when compared with other Zones.