The nationwide average retail price of Premium Motor Spirit (PMS), also known as petrol, grew by 176.02 percent year on year (YoY) to N701E.24 per litre in April 2024, up from N254.06 per litre at the same time in 2023.
On a month-to-month basis, an increase of 0.64 percent was reported from N696.79 per litre in March 2024.
The National Bureau of Statistics’ (NBS) report on Premium Motor Spirit (Petrol) Pricing Watch for April 2024 showed that Kogi State topped the pricing chart at N797.78, followed by Nasarawa and Zamfara States at N778.89 and N754.29, respectively.
According to the NBS survey, Lagos, Niger, and Ogun states had the lowest retail prices for the commodity, at N602.55, N633.75, and N647.14, respectively.
This comes as the average retail price of automotive gas oil (diesel) climbed 68.01 percent year on year (YoY) to N1415.06 in April 2024, up from N842.25 in April 2023. On a month-over-month basis, there was a 5.51 percent increase from N1341.16 per litre in March 2024.
According to the research, the top three states with the highest average petrol prices in April 2024 are Taraba (N1742.46), Bauchi (N1669.63), and Borno (N1652.61).
Furthermore, the states with the lowest prices were Niger State (N1023.00), Kogi State (N1152.50), and Adamawa State (N1257.50).
When compared to the other zones, the North East Zone had the highest average price of N1553.80, while the North Central Zone had the lowest price of N1307.21.
