Petrol Price Soars

The national average retail price of petrol surged by 28.35% year-on-year (YoY), reaching N770.54 per litre in July 2024, a sharp rise from N600.35 per litre in the same period of 2023, according to the National Bureau of Statistics (NBS).

On a month-on-month (MoM) basis, petrol prices rose by 2.72% from N750.17 in June 2024.

State-by-state data showed dramatic differences in fuel prices, with Katsina State registering the highest average price at an eye-popping N950.00 per litre. Jigawa State followed closely at N903.08, while Benue State recorded N846.95 per litre.

In contrast, Kwara State boasted the lowest average price at N650.00 per litre, with Edo State and Akwa Ibom State trailing at N669.75 and N673.75 per litre, respectively.

Regional analysis revealed that the North-West Zone had the highest average petrol price, at N820.10 per litre, while the South-South Zone enjoyed the lowest, averaging N678.30 per litre.