The average national retail price of petrol has surged by 28.35% year-on-year, climbing to N770.54 per litre in July 2024, compared to N600.35 per litre during the same period in 2023.
This information was revealed in the Premium Motor Spirit (Petrol) Price Watch report for July 2024, published by the National Bureau of Statistics (NBS). On a month-on-month basis, petrol prices saw a 2.72% increase, rising from N750.17 per litre in June 2024.
A closer look at state-by-state data shows significant disparities in petrol prices across the country. Katsina State recorded the highest average price at N950.00 per litre, followed by Jigawa State at N903.08, and Benue State at N846.95 per litre.
On the other hand, Kwara State had the lowest average price at N650.00 per litre, with Edo State (N669.75) and Akwa Ibom State (N673.75) also reporting lower prices.
Regionally, the North-West Zone experienced the highest average petrol price at N820.10 per litre, while the South-South Zone recorded the lowest average price at N678.30 per litre.
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