…As Diesel Price Rises By 50.20%
Motorists and other Premium Motor Spirit (Petrol) consumers in the country paid an average retail price of N679.36 per litre in February this year, compared to the N263.76 they paid for the same quantity of in February 2023, representing a 157.57% increase in the commodity’s price.
The National Bureau of Statistics (NBS), gave these figures in the ‘Premium Motor Spirit (Petrol) Price Watch (February 2024)’ published Wednesday on its website.
The Bureau stated that when analyzed on a month-on-month basis, the average retail price of petrol increased by 1.66% in the month under review when compared to the N668.30 consumers paid per litre in the preceding month.
The report showed that analysis on state profile, Zamfara State consumers paid the highest average retail price for petrol in February this year at N750.43, Kebbi and Taraba States’ buyers were next with N746.67 and N710.56 per litre respectively.
Conversely, the Bureau reported that in the month under review Kwara, Ogun and Benue States’ consumers paid the lowest average retail prices for the commodity at N650.00, 650.83 and 652.73 per litre respectively.
In addition, the Price Watch report indicated that on Zonal profile, the North West Zone buyers paid the highest average retail price of N701.20 per litre for petrol, while the South West Zone buyers bought at the lowest price of N657.20 per litre.
In a related report titled ‘Automotive Gas Oil (Diesel) Price Watch (February 2024)’ published on the same date by the statistics agency, the data showed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by N1,257.06 per litre in February 2024 year-on-year basis, or 50.20% higher than the N836.91 per litre consumers paid in the corresponding month of last year.
An analysis of the data showed that on a month-on-month basis, consumers paid 9.02% higher for the in February this year at N1,257.06 per litre, from N1,153.01 they paid as the average price of the commodity in January this year.
The Bureau further clarified: “Looking at the variations in the States prices, the top three State with the highest average price of the product in February 2024 include Akwa Ibom State (N1,525.00), Gombe State (N1,500.00) and Kwara (N1,444.00).
“Furthermore, the top three lowest prices were recorded in the following State namely, Adamawa State (N1,037.50), Kano State (N1,111.43) and Katsina State (N1,125.00)”, it added.
This is even as it reported that the Zonal representation of the average price of Diesel showed that South-South Zone consumers bought at the highest price of N1,343.09 per litre while their South West Zone counterparts paid the lowest average price of N1,164.05 per litre when compared with other zones.
