The National Bureau of Statistics (NBS) reported that the average pump price of Premium Motor Spirit (Petrol) grew by 28.35 percent to N770.54 per litre in July 2024, up from N600.35 in the same month last year.
This was published in NBS’s most recent Petrol Price Watch for July 2024.
The statistics also revealed that the average retail price rose by 2.72 percent from N750.17 in June 2024.
According to state profile study, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N950.00; Jigawa and Benue State came next, at N903.08 and N846.95, respectively.
In contrast, Kwara, Edo, and Akwa Ibom states had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75, respectively.
While Nigerian National Petroleum Company retail locations sell petrol at N617 per litre, other merchants charge N700 or more.
Remember that President Bola Ahmed Tinubu declared the termination of gasoline subsidies in June of last year, causing the pump price of petrol to rise from N238 per litre to more than N600.
However, there has been debate regarding whether fuel subsidies continue to exist in Nigeria.
The Nigerian National Petroleum Company Limited has stated that it has not paid fuel subsidies in the past nine to 10 years. However, the corporation claimed that it is addressing fuel importation deficits between the company and the federation.
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