The average retail price of Premium Motor Spirit (petrol) increased by 2.72 percent to N770.54 per liter in July 2024 compared to N750.17 in June.
The National Bureau of Statistics disclosed this in its latest Petrol Price Watch released recently.
Also, the data showed that the country’s fuel price increased by 23.35 percent on a year-on-year basis to N770.54 per liter from N600.35 last year’s July.
On State profile analysis, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.
Conversely, Kwara, Edo, and Akwa Ibom states had the lowest average retail prices for Premium Motor Spirit (petrol), at N650.00, N669.75, and N673.75, respectively.
This comes amid the ongoing fuel scarcity in Lagos, Federal Capital Territory, Abuja and other parts of the country.
Recall that in May last year, the Nigerian Government announced fuel subsidy removal which saw the price of the product increase from N238 per liter in May to N770.54 average price in July 2024
Nigeria’s petrol price records increase in July – NBS
