The National Bureau of Statistics (NBS) has reported a significant increase in the national average retail price of petrol, which surged by 28.35% year-on-year to N770.54 per litre in July 2024, compared to N600.35 per litre in July 2023.
On a month-on-month basis, petrol prices rose by 2.72% from N750.17 in June 2024.
A state-by-state analysis showed significant disparities in petrol prices across Nigeria. Katsina State recorded the highest average retail price at N950.00 per litre, followed by Jigawa State at N903.08, and Benue State at N846.95. In contrast, Kwara State reported the lowest average price at N650.00 per litre, with Edo State at N669.75 and Akwa Ibom State at N673.75.
Regionally, the North-West Zone had the highest average petrol price at N820.10 per litre, while the South-South Zone reported the lowest at N678.30 per litre.
This steep rise in petrol prices is reflective of the broader economic pressures facing the country, impacting both consumers and businesses across different regions.
