The National Bureau of Statistics (NBS) has announced that the average retail price of a litre of premium motor spirit (PMS), commonly referred to as petrol, has surged to ₦1,030.46 as of September 2024.
In its latest report titled ‘Premium Motor Spirit (Petrol) Price Watch (September 2024)’, released on October 17, the NBS indicated a staggering 64.5% increase from the ₦626.21 recorded in the same month last year.
The report also highlighted a monthly comparison, revealing that the average retail price rose by 24.08% from ₦830.46 in August 2024.
When analyzing prices by state, Katsina emerged with the highest average retail price at ₦1,096.15, followed closely by Ebonyi at ₦1,090.94 and Akwa Ibom at ₦1,085.71.
Conversely, the states with the lowest average prices for petrol were Yobe (₦939.38), Sokoto (₦961.67), and Kebbi (₦986.67), as stated by the NBS.
At the zonal level, the North-West Zone reported the highest average retail price of ₦1,036.52, while the North-East Zone had the lowest at ₦1,014.55.
On October 9, the Nigerian National Petroleum Company (NNPC) announced an increase in petrol prices, setting the price at ₦998 per litre in Lagos and ₦1,003 in Abuja.
In response to these developments, the Nigeria Labour Congress (NLC) described the price hike as “inimical” to the recently approved minimum wage of ₦70,000 for workers.
Furthermore, on October 16, members of the House of Representatives called on the federal government to reconsider and reverse the price increase.
