NBS: Petrol price increased to N701 in April — up by 176% in one year

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N254.06 in April 2023 to N701.24 in April 2024.

NBS, in its ‘Premium Motor Spirit (Petrol) Price Watch (April 2024)’, released on Tuesday, said it signifies a 176.02 percent year-on-year increase.

“Likewise, comparing the average price value with the previous month (.i.e. March 2024), the average retail price increased by 0.64% from N696.79,” NBS said.

According to the bureau, in state profile analysis, Kogi recorded the highest average retail price for petrol at N797.78; Nasarawa and Zamfara states were next, with N778.89 and N754.29, respectively.

“On the other side, Lagos, Niger and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N633.75 and N647.14 respectively,” the bureau said. 

“Lastly, on Zonal profile, the North East Zone had the highest average retail price of N734.70, while the South West Zone had the lowest price of N655.66.”

In April, queues resurfaced in filling stations amid petrol scarcity, leading to increased transport costs.

On April 25, the Nigerian National Petroleum Company (NNPC) attributed the supply shortfall to logistics issues, assuring Nigerians that “they have been resolved”.