…As Diesel Pump Price Surges By 44.43%
The average retail price paid by consumers for Premium Motor Spirit (Petrol) per litre in October 2024 rose to N1,184.83 compared to the N630.63 pump price recorded in October 2023, indicating 87.88% increase year-on-year (Y-o-Y), the National Bureau of Statistics (NBS) has reported.
In its ‘Premium Motor Spirit (Petrol) Price Watch (October 2024)’ published on Tuesday, the statistics agency reported that likewise, the average pump price of the commodity increased month-on-month (M-o-M) in October by 14.98% from N1,030.46 paid by consumers in September 2024.
The Bureau clarified that when analyzed on state-by-state basis, Ebonyi State consumers bought petrol at the highest average retail price per litre at N1292.86, followed by Jigawa and Borno States’ consumers that bought the commodity at N1,288.18 and N1,283.79, respectively in the month under review.
It noted that conversely, Delta, Nasarawa, and Lagos States’ buyers paid the lowest average retail prices for petrol at N1,050.00, N1,063.68, and N1,080.95 respectively.
The report further showed that on the Zonal profile, the South East Zone consumers bought petrol at the highest average retail price per litre at N1,256.76, while their North-Central Zone counterparts bought the commodity at the lowest price of N1,132.94 in the month under review.
In a related report titled ‘Automotive Gas Oil (Diesel) Price Watch (October 2024)’ published on the same date, the Bureau reported that the average retail price of Automotive Gas Oil (Diesel) paid by consumers per litre increased by 43.41% on a Y-o-Y basis to N1,441.28 in the month under review from N1,004.98 per litre they paid in the corresponding month of last year.
The report indicated that on a month-on-month basis, the price of diesel per litre marginally increased by 1.58% from N1,418.83 in the preceding month to an average of N1,441.28 in October this year
When assessed based on state-by-state basis, the report showed that the top three states with the highest average price of the product in October this year were Bauchi State, where consumers paid N2,031.00 per litre for the commodity; Benue State, where it sold at N1,792.00 per litre; and Plateau State, where it exchanged at N1,743.65 per litre
However, the data in the report revealed that the top three lowest prices per litre of diesel were recorded in Ogun State at N1,200.71; Kaduna where it sold at N1,244.50; and Ekiti State, where consumers bought it at N1,278.65.
The Bureau reported that when based on Zonal profile, the average price of diesel showed that North East Zone buyers paid the highest price of N1650.62 per litre for the commodity while South West Zone consumers bought at the lowest price of N1326.50 per litre when compared with other zones.
