The National Bureau of Statistics (NBS) reported that the highest recorded price of Premium Motor Spirit (petrol) in July 2024 was N950 per liter.
According to the NBS’s July Petrol Price Watch report, Katsina State recorded the highest price at N950 per liter, followed by Jigawa and Benue States, where petrol was sold at N903.08 and N846.95 per liter, respectively.
In contrast, Kwara, Edo, and Akwa Ibom States saw the lowest average retail prices for petrol, with Kwara at N650.00 per liter, Edo at N669.75 per liter, and Akwa Ibom at N673.75 per liter.
The NBS reported the national average price of petrol for the month of July 2024 at N770.54 per liter.
This increase follows the Nigerian government’s decision to remove fuel subsidies in May 2023, which led to a significant rise in petrol prices from N238 per liter at that time to an average of N770.54 per liter by July 2024.
