….As Buyers Pay 68.01% Higher For Diesel
The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of April 2024 was N701.24, indicating a 176.02% increase when compared to the value recorded in April 2023 (N254.06), the National Bureau of Statistics’ (NBS’) latest report has reflected.
The latest ‘Premium Motor Spirit (Petrol) Price Watch (April 2024)’ published by the statistics agency on Monday, May 20, showed that similarly when analyzed on month-on-month basis, the average retail price of the commodity increased by 0.64% from N696.79.
The report further reflected that analysis of the fuel price on State profile indicated that Kogi State consumers paid the highest average retail price for Premium Motor Spirit (Petrol) at N797.78, followed by Nasarawa and Zamfara States buyers, who paid N778.89 and N754.29 respectively per litre in the month.
On the other side, Lagos, Niger and Ogun States’ buyers paid the lowest average retail prices for fuel at N602.55, N633.75 and N647.14 respectively per litre in April.
The Bureau reported that on Zonal profile, the North East Zone recorded the highest average retail price of N734.70 per litre of fuel, while the South West Zone had the lowest price of N655.66.
In a related report, the statistics agency also disclosed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers per litre increased from N842.25 per litre recorded in April last year to N1415.06 per litre this year, representing 68.01% year-on-year increase.
The Bureau, in the ‘Automotive Gas Oil (Diesel) Price Watch (April 2024)’ published the same date on its website, clarified that on a month-on-month basis, the average price of the commodity rose by 5.51% from N1,341.16 it exchanged at in the preceding month to an average of N1415.06 in April 2024.
The Bureau further clarified: “Looking at the variations in the State prices, the top three State with the highest average price of the product in April 2024 include Taraba State (N1742.46), Bauchi State (N1669.63) and Borno (N1652.61).
“Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1023.00), Kogi State (N1152.50) and Adamawa State (N1257.50).
“The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1553.80 while North Central Zone has the lowest price N1307.21 when compared with other Zones”, it added.
