The National Bureau of Statistics (NBS), in its latest report, has disclosed a sharp increase in the average retail price of petrol in Nigeria, with the cost of a litre rising from N626.70 in August 2023 to N830.46 in August 2024.
The significant surge represents a 32.51 per cent year-on-year increase, signaling growing fuel costs. The report, released yesterday, further highlighted that the average retail price of petrol also experienced a 7.78 per cent jump from N770.54 in July 2024, reflecting the continued upward trend in the cost of the commodity.
Comparing the average price value with the previous month of July, the average retail price increased by 7.78 per cent from N770.54.
“Comparing the average price value with the previous month of July, the average retail price increased by 7.78 percent from N770.54,” the NBS noted. The NBS analysis of petrol prices across various states showed significant differences.
According to the report, Benue State recorded the highest average retail price per litre at N941.24, followed closely by Bauchi and Gombe states, where the prices were N935.71 and N925.00, respectively.
