The National Bureau of Statistics (NBS) has said the price of petrol recorded an increase of 64.55 per cent between September 2023 and September 2024.
It further disclosed that the price of the commodity rose by 24.08 per cent in September 2024 when compared to the price in the preceding month.
The bureau disclosed this in the latest Premium Motor Spirit (Petrol) Price Watch of the for the month of September.
The report shows that the average price of petrol during the period stood at N1,030.46, indicating a 64.55 per cent increase compared to the N626.21 recorded in September 2023.
As of August, just a month earlier, petrol was sold at N830.46.
According to the report, this marks the first time the price of petrol has crossed the N1,000 benchmark in Nigeria.
The NBS report shows that Katsina State recorded the highest average retail price for Premium Motor Spirit (petrol) at N1,096.15, reflecting a significant difference from prices across other states.
According to the findings, Ebonyi State followed closely with an average retail price of N1,090.94, while Akwa Ibom State ranked third at N1,085.71. Conversely, Yobe, Sokoto, and Kebbi States reported the lowest average prices, standing at N939.38, N961.67, and N986.67, respectively, highlighting regional disparities in petrol prices.
The report also indicates that, on a zonal level, the North-West Zone had the highest average retail price of N1,036.52, suggesting that consumers in this region faced the steepest petrol costs.
In contrast, the North-East Zone recorded the lowest average retail price at N1,014.55, illustrating the varied pricing patterns across geopolitical zones.
