The average retail price of Premium Motor Spirit (PMS), commonly known as petrol, saw a noticeable increase in July 2024, rising by 2.72% to N770.54 per liter compared to N750.17 per liter in June. This data was revealed in the latest Petrol Price Watch report published by the National Bureau of Statistics (NBS), providing a detailed overview of the fluctuations in fuel prices across Nigeria.
Year-on-Year
Comparison Shows Significant Price Hike
The
report also highlighted a substantial year-on-year increase in petrol prices,
with the average price rising by 23.35%. In July 2023, the average price was
N600.35 per liter, compared to N770.54 per liter in July 2024. This sharp
increase is a reflection of the broader economic factors influencing the fuel
market in Nigeria, including the ongoing removal of fuel subsidies.
State-by-State
Analysis: Katsina Leads with Highest Petrol Prices
A
breakdown of petrol prices across different states revealed significant
regional variations. Katsina State recorded the highest average retail price at
N950.00 per liter. Following closely were Jigawa and Benue States, with prices
of N903.08 and N846.95 per liter, respectively.
In
contrast, Kwara, Edo, and Akwa Ibom States had the lowest average prices for
petrol, with Kwara leading at N650.00 per liter, followed by Edo at N669.75 and
Akwa Ibom at N673.75 per liter.
Fuel
Scarcity Persists Amid Price Increases
The
rise in petrol prices comes amidst ongoing fuel scarcity issues in key areas
such as Lagos, the Federal Capital Territory (Abuja), and other parts of the
country. The scarcity has been a significant challenge for residents and
businesses, exacerbating the impact of the rising fuel costs.
This
situation follows the Nigerian Government’s decision in May 2023 to remove fuel
subsidies, a move that led to an immediate spike in fuel prices. The average
price of petrol jumped from N238 per liter in May 2023 to the current N770.54
per liter in July 2024, reflecting the broader economic adjustments
post-subsidy removal.
Diesel
Prices See a Decline in July 2024
In
contrast to the rising petrol prices, the average retail price of Automotive
Gas Oil (AGO), commonly known as diesel, saw a decrease in July 2024. According
to the NBS's latest report on AGO prices, the average price of diesel fell by
5.71% from N1462.98 per liter in June to N1379.48 per liter in July 2024.
Year-on-Year
Diesel Price Increase
However,
despite the monthly decline, diesel prices have seen a significant year-on-year
increase. In July 2023, the average price was N794.48 per liter, marking a
73.63% increase to N1379.48 per liter in July 2024. This surge underscores the
broader inflationary trends affecting energy prices in Nigeria.
State
Variations in Diesel Prices
The
report also provided insights into the state-by-state variations in diesel
prices. Taraba State recorded the highest average price at N1721.79 per liter,
followed by Borno State at N1694.17 and Bauchi at N1619.54 per liter.
On
the other end of the spectrum, Kogi State had the lowest average price for
diesel at N1186.31 per liter, with Kano State and Osun State following at
N1211.11 and N1246.82 per liter, respectively.
Economic
Implications and Future Outlook
The
contrasting trends in petrol and diesel prices reflect the complex dynamics of
Nigeria’s fuel market, influenced by both domestic policy decisions and global
energy prices. The removal of fuel subsidies has led to increased costs for
consumers, while the slight decrease in diesel prices may provide some relief
for industries reliant on diesel-powered machinery.
For the latest updates on fuel prices and economic trends in Nigeria, stay tuned to Naija Newshawk, your go-to source for comprehensive and timely news coverage.
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