Previous Next

February petrol price climbs N679.36, diesel N1, 257

The price of Premium Motor Spirit, otherwise known as petrol, increased year-on-year, by 157.57 per cent to N679.36 per litre in February 2024, from N263.76 per litre recorded in the corresponding period of 2023.

This was disclosed by the National Bureau of Statistics (NBS) in its latest report - Premium Motor Spirit (Petrol) Price Watch for February 2024.

NBS indicated that the average retail price grew from N668.30 by 1.66 percent when compared to the previous month of January 2024.

On state profile analysis, the Bureau said: “Zamfara paid the highest average retail price of N750.43 per litre, followed by Kebbi and Taraba at N746.67 and N710.56, respectively.

“Kwara, Ogun and Benue paid the lowest average retail price at N650.00, 650.83 and 652.73.”

The South-West reported the lowest average retail price per litre in January 2024, at N657.20, while the North-West zone recorded the highest average retail price, at N701.20, according to the report's analysis by zones.

Meanwhile, NBS in its Diesel Price Watch for February 2024, stated that the retail price of a litre of diesel increased from N836.91 in February 2023 to N1,257.06 in the period under review.

It indicated that the price in February 2024 represented a 50.20 percent rise from the price in February 2023.

According to the report, the price went up 9.02 percent month-over-month from the N1,153.01 per litre that was reported in January 2024.

Based on the state profile analysis, the Bureau revealed that the highest price of diesel in February 2024 was recorded in Akwa Ibom at N1,525 per litre, followed by Gombe State at N1,500 per litre and Kwara at N1,444 per litre.

“The lowest price was recorded in Adamawa at N1,037.50 per litre, followed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre,” it added.

Zone-by-zone analysis demonstrated that the South-South had the highest price at N1,343.09 per litre, while the Southwest had the lowest price at N1,164.05.