The average cost of Premium Motor Spirit (petrol) climbed to N770.54 per liter in July 2024, reflecting a 2.72 percent increase from the N750.17 per liter recorded in June.
This information was revealed in the latest Petrol Price Watch report published by the National Bureau of Statistics (NBS).
The data also highlighted a significant year-on-year rise, with the average petrol price jumping by 23.35 percent, from N600.35 per liter in July 2023 to N770.54 per liter in July 2024.
When analyzed by state, Katsina recorded the highest average petrol price at N950.00 per liter, followed by Jigawa at N903.08 per liter and Benue at N846.95 per liter.
On the other end of the spectrum, Kwara, Edo, and Akwa Ibom had the lowest average petrol prices, with Kwara at N650.00, Edo at N669.75, and Akwa Ibom at N673.75 per liter.
This development comes amidst ongoing fuel shortages in Lagos, the Federal Capital Territory (Abuja), and other regions across Nigeria.
It’s worth noting that in May of last year, the Nigerian Government removed fuel subsidies, leading to a price hike from N238 per liter in May 2023 to an average of N770.54 per liter by July 2024.
