New data from the National Bureau of Statistics has revealed what Nigerians are paying for petrolThe bureau indicates that a litre of petrol was sold at an average price of over N1,100 across the countryThe states where residents pay the lowest petrol prices in the country include Oyo State, Abuja, and Ogun State
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics has announced that the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N1189.12 in December 2024.
December petrol price indicates a 76.99%% increase compared to the N671.86 per litre average price in December 2023.
Petrol prices increase by 89% in one year
Photo credit: Bloomberg/contributor
Source: Getty Images
NBS stated this in its latest PMS price watch report published on its website, which was analysed by Henzodaily.ng.
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The report also showed that the average retail petrol price paid in December 2024 is a 2.06% decrease from N1,214.17 paid in November 2024.
The report stated:
“On the state profile analysis, Taraba State recorded the highest average retail price for Premium Motor Spirit (Petrol) at N1,307.05, followed by Adamawa and Delta States with N1,301.33 and N1,282.71, respectively.
“Conversely, Oyo State, Abuja, and Ogun State had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,088.75, N1,102.25, and N1,106.07, respectively.
“On the zonal profile, the North East Zone had the highest average retail price of N1,245.90, while the South West Zone recorded the lowest average price of N1,116.00.”
Snapshot of petrol prices in states
Here is a breakdown of the states with the cheapest and most expensive petrol prices in Nigeria for December.
States with the lowest average petrol prices
Edo: N1,142.40Ondo: N1,137.78Osun: N1,137.06Kwara: N1,133.08Ekiti: N1,120.00Sokoto: N1,113.33Lagos: N1,106.33Ogun: N1,106.07Abuja: N1,102.25Oyo: N1,088.75
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States with the highest prices
Taraba: N1,307.05Adamawa: N1,301.33Delta: N1,282.71Borno: N1,282.38Ebonyi: N1,280.41Enugu: N1,278.47Plateau: N1,260.00Jigawa: N1,258.46Anambra: N1,238.76Benue: N1,234.55
Petrol prices are expected to change
Henzodaily.ng reported that there are expectations that oil prices could change in the coming days due to rising crude oil prices.
Brent crude, the global benchmark, recently surged to $81 per barrel, driving up the cost of loading petroleum products.
According to Billy Gillis-Harry, President of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN), the pump price of petrol is directly influenced by production costs, making a price hike unavoidable.
He stated:
“Global crude oil prices will always affect production costs. When production costs rise, it inevitably impacts the price and availability of PMS.”
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Source: Henzodaily.ng