The National Bureau of Statistics (NBS) reports that the average retail price of petrol rose to N830.46 in August 2024, from N626.70 in August 2023. This announcement was made in its Petrol Price Watch for August 2024, released in Abuja on Sunday.
The NBS noted that the August 2024 price of N830.46 reflects a 32.51 percent increase compared to the N626.70 recorded in August 2023.
“Comparing the average price value with the previous month of July, the average retail price increased by 7.78 per cent from N770.54.”
On state profiles analysis, the report said Benue paid the highest average retail price of N941.24 per litre, followed by Bauchi and Gombe States at N935.71 and N925.00, respectively.
“Conversely, Delta, Cross River, and Edo paid the lowest average retail price at N667.50, N672.00, and N676.25 respectively,’’ it stated.
Analysis by zones revealed that the North-East Zone had the highest average retail price for petrol in August 2024, at N908.21, while the South-West recorded the lowest price at N677.11 per litre.
Additionally, the NBS reported in its Diesel Price Watch for August 2024 that the average retail price of diesel was N1,406.05 per litre. This August 2024 price of N1,406.05 represents a 64.58 percent increase from the N854.32 per litre recorded in August 2023.
“On a month-on-month basis, the price increased by 1.93 per cent from the N1,379.48 per litre recorded in July 2024,’’ it added.
The report indicated that the highest average price per litre of diesel in August was recorded in Kaduna State at N1,979.23, followed by Bauchi at N1,927.34 and Taraba at N1,638.14, on the statew profile analysis.
Conversely, the lowest price was observed in Lagos at N1,237.14 per litre, followed by Ogun at N1,255.00 and Osun at N1,268.18.
Additionally, zone analysis showed that the North-East Zone had the highest diesel price at N1,621.23 per litre, while the South-West recorded the lowest at N1,283.47 per litre.
