The average price of Premium Motor Spirit, known as Petrol, surged by 176.02 per cent in April on a year-on-year basis as soaring inflation hit Nigerians.
The National Bureau of Statistics disclosed this in its Petrol Price Watch for April.
According to the report, Nigerians bought Petrol in April 2024 at an average price of N701.24 per litre compared to N255.06 in the same month last year.
It stated that the monthly petrol price increased by 0.64 per cent compared to N696.79 per litre when the product was sold in March 2024.
According to the report, Kogi(N997.78), Nasarawa(N778.89), and Zamfara(N754.29) have the highest petrol prices per litre in Nigeria.
Conversely, Lagos(N602.55), Niger(N633.75) and Ogun(N647.14) are states in Nigeria with the lowest prices of Petrol per litre.
The petrol price surge was caused by President Bola Ahmed Tinubu’s Government’s removal of the fuel subsidy in June last year.
Recall that on May 29, Tinubu’s infamous statement, ‘fuel subsidy is gone,’ saw the price jump from N260 per litre to over N600.
The development has also led to the prices of foods, goods and services tripling nationwide.
The latest headline and food inflation surged to 33.69 per cent and 40.53 per cent in April 2024, compared to 22.22 per cent and 24.61 per cent last year, easing the economic hardship on Nigerians.
Fuel Subsidy: Petrol price surges by 176.02% as inflation hits Nigerians
