By Afolabi Samuel Odunayo
According to recent data released by the National Bureau of Statistics (NBS), the average retail price of Premium Motor Spirit (PMS), also referred to as petrol, increased by 37.44% year over year in June 2024, from N545.83 per litre in June 2023 to N750.17 per litre.
The NBS stated that on a monthly basis, however, the average retail price dropped from N769.62 per litre in May 2024 by 2.53%.
In the NBS report on Premium Motor Spirit Price Watch for June 2024, Benue State was said to have the highest petrol prices at N864.55 per litre, followed by Jigawa and Rivers States at N847.00 and N810.00 per litre, respectively.
According to the report, the product recorded the lowest rates per litre in Lagos at N626.94, Kwara at N650.00, and Ogun States at N670.63, respectively.
Regionally, the NBS reported that the South-South zone had the highest average retail price of N794.64 per litre, while the South-West zone had the lowest at N696.42 per litre.
Highlighting the average retail price of Automotive Gas Oil, also known as diesel, it reported that it experienced a significant year-on-year increase of 79.32%, reaching N1462.98 per litre in June 2024 from N815.83 per litre in June 2023.
On a month-on-month basis, diesel prices rose by 4.20% from N1403.96 per litre in May 2024.
In the same report, Niger State had the highest average diesel price at N1979.23 per litre, followed by Taraba State at N1742.46 and Cross River State at N1920.86.
The lowest prices were recorded in Lagos State (N1210.77 per litre), Ogun State (N1239.17 per litre), and Abuja (N1240.00 per litre).
NBS however confirmed that the North East zone had the highest average diesel price at N1659.07 per litre, while the South West zone had the lowest at N1280.54 per litre.
