The national average retail price of petrol skyrocketed to N770.54 per litre in July 2024, marking a significant 28.35% increase from N600.35 per litre recorded in July 2023, according to the latest data from the National Bureau of Statistics (NBS). The month-on-month comparison also shows a 2.72% rise from N750.17 per litre in June 2024, highlighting the ongoing pressure on consumers across the country.
A closer look at state-by-state data reveals substantial disparities in petrol prices, with Katsina State leading the chart at an alarming N950.00 per litre. Jigawa State follows closely with an average price of N903.08, while Benue State recorded N846.95 per litre. Conversely, Kwara State offered the most relief, with the lowest average price of N650.00 per litre, followed by Edo State at N669.75 and Akwa Ibom State at N673.75.
Regionally, the North-West Zone bore the brunt of the price surge, reporting the highest average petrol price of N820.10 per litre. On the other hand, the South-South Zone enjoyed relatively lower prices, averaging N678.30 per litre.
This sharp increase in petrol prices reflects the ongoing economic challenges facing Nigeria, as well as the impact of various market dynamics on fuel costs across different regions.
