The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from ₦648.93 in November 2023 to ₦1,214.17 in November 2024. It made the declaration in its Petrol Price Watch for November 2024 released in Abuja on Thursday.
It stated that the November 2024 price of ₦1,214.17 represented an 87.10% increase over the price of ₦648.93 recorded in November 2023.
Comparing the average price value with the previous month of October, the average retail price increased by 2.48% from ₦1,184.83
On state profiles analysis, the report said Benue paid the highest average retail price of ₦1,365.16 per litre, followed by Borno and Adamawa at ₦1,331.94 and ₦1,319.85, respectively. It stated;
Conversely, Lagos, Katsina, and Kano paid the lowest average retail price at ₦1,092.79, ₦1,121.25, and ₦1,152.86 respectively
Analysis by zones showed that the South-East Zone recorded the highest average retail price in November 2024 at ₦1,257.72 while the South-West recorded the lowest price at ₦1,153.94 per litre. The NBS also stated in its Diesel Price Watch Report for November 2024 that the average retail price was ₦1,446.83 per litre.
It said that the November 2024 price of ₦1,446.83 per litre amounted to a 37.07% increase over the ₦1,055.57 per litre paid in November 2023. It added;
On a month-on-month basis, the price increased by 0.38% from the ₦1,441.28 per litre recorded in October 2024
On state profile analysis, the report said the highest average price per litre of diesel in November was recorded in Bauchi state at ₦2,232.04, followed by Bauchi at ₦1,770.59 and Borno at ₦1,751.15. On the other hand, the lowest price was recorded in Oyo at ₦1,250.71 per litre, followed by Ogun at ₦1,258.08 and Lagos at ₦1,262.38.
In addition, the analysis by zones showed that the North-East Zone had the highest price of ₦1,676.11 per litre, while the South-West recorded the lowest price at ₦1,303.61 per litre.
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