The national average retail price for Premium Motor Spirit (PMS), commonly known as petrol, rose by 37.44% year-on-year (YoY) to N750.17 per litre in June 2024, up from N545.83 per litre recorded in the same period in 2023.
On a month-on-month (MoM) basis, the average retail price saw a decrease of 2.53%, down from N769.62 per litre in May 2024.
According to the National Bureau of Statistics (NBS) report on Premium Motor Spirit (Petrol) Price Watch for June 2024, Benue State had the highest price at N864.55 per litre.
Jigawa and Rivers States followed with prices of N847.00 and N810.00 per litre, respectively.
In contrast, Lagos, Kwara, and Ogun States recorded the lowest retail prices for petrol at N626.94, N650.00, and N670.63 per litre, respectively.
Regionally, the South-South zone had the highest average retail price at N794.64 per litre, while the South-West zone had the lowest at N696.42 per litre.
The average retail price of Automotive Gas Oil, also known as diesel, experienced a significant year-on-year increase of 79.32%, reaching N1462.98 per litre in June 2024, compared to N815.83 per litre in June 2023.
On a month-on-month basis, diesel prices rose by 4.20%, up from N1403.96 per litre in May 2024.
The NBS report highlighted that Niger State had the highest average diesel price in June 2024 at N1979.23 per litre, followed by Cross River State at N1920.86 and Taraba at N1742.46.
Conversely, the lowest prices were observed in Lagos State at N1210.77 per litre, Ogun State at N1239.17, and Abuja at N1240.00 per litre.
Zonal representation showed that the North East Zone had the highest average diesel price at N1659.07 per litre, while the South West Zone recorded the lowest average price at N1280.54 per litre.
