The National Bureau of Statistics (NBS) yesterday said the prices of a litre of the Premium Motor Spirit (PMS), petrol, rose by 176.02 per cent in one year.
This was contained in its document titled: Premium Motor Spirit (Petrol) Price Watch (April 2024). The document noted that the price increased from N254.06 per litre in April 2023 to N701.24 per litre.
NBS said, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of April 2024 was N701.24, indicating a 176.02% increase when compared to the value recorded in April 2023 (N254.06).”
The report said 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.
On State profile analysis, NBS said Kogi State had the highest average retail price for Premium Motor Spirit (Petrol), at N797.78, Nasarawa and Zamfara States were next, with N778.89 and N754.29, respectively. It added that 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 data also said 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.
