The National Bureau of Statistics (NBS) yesterday said the average retail price of the Premium Motor Spirit (PMS) rose by 87.88 per cent in one year.
It also said the price soared from N630.63 per litre in October 2023 to N1,184.83 per litre in October 2024.
NBS, in its document entitled: “Premium Motor Spirit Price Watch October 2024” said: “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for October 2024 was N1184.83, indicating a 87.88 per cent increase compared to the value recorded in Octo ber 2023 (N630.63).”
The report said likewise, comparing the average price value with the previous month (.i.e. September 2024), the average retail price increased by 14.98per cent from N1030.46.
On State profile analysis, NBS said, Ebonyi State had the highest average retail price for Premium Motor Spirit (Petrol), at N1292.86, Jigawa and Borno States were next, with N1288.18 and N1283.79, respectively.
It added that conversely, Delta, Nasarawa, and Lagos states had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,050.00, N1,063.68, and N1,080.95 respectively.
