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- The average retail price of fuel increased by 87.10 per cent in one year according to the National Bureau of Statistics
- The price increased from N648.93 in November 2023 to N1,214.17 in November 2024
- The average retail price of petrol and diesel in November 2024 varied from one state and zone to another
The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased by 87.10 per cent in one year.
The NBS, in its Petrol Price Watch for November 2024 released in Abuja on Thursday, January 16, said the average price of petrol rose from N648.93 in November 2023 to N1,214.17 in November 2024.
On a month-on-month basis, the average price of the product increased by 2.48 per cent.
It said, “Comparing the average price value with the previous month of October, the average retail price increased by 2.48 per cent from N1,184.83.”
Petrol price increase in November 2024 by state
The NBS also disclosed that on a state-by-state analysis, Benue had the highest average retail price of petrol in November 2024 of N1,365.16 per litre.
It is followed by Borno and Adamawa at N1,331.94 and N1,319.85, respectively.
The bureau said, “Conversely, Lagos, Katsina, and Kano paid the lowest average retail price at N1,092.79, N1,121.25, and N1,152.86, respectively.”
South-East recorded the highest petrol price in November 2024
Analysis by zones showed that the South-East Zone recorded the highest average retail price in November 2024 at N1,257.72.
The NBS said the South-West zone recorded the lowest price of petrol in November 2024 at N1,153.94 per litre.
Diesel sold for N1.446.83 on average in November 2024
In the NBS Diesel Price Watch Report for November 2024, the average retail price of the product was N1,446.83 per litre.
The average price of the product in November 2024 indicated a 37.07 per cent increase compared to the N1,055.57 per litre paid in November 2023.
The NBS added, “On a month-on-month basis, the price increased by 0.38 per cent from the N1,441.28 per litre recorded in October 2024.”
As analysed by state, Bauchi recorded the highest average price per litre of diesel in November at N2,232.04. it is followed by Bauchi at N1,770.59 and Borno at N1,751.15.
Conversely, the lowest average price of diesel was recorded in Oyo at N1,250.71 per litre, followed by Ogun at N1,258.08 and Lagos at N1,262.38.
An analysis by zones showed that the North-East Zone had the highest price of N1,676.11 per litre, while the South-West recorded the lowest price at N1,303.61 per litre.
Price of petrol has been on the rise
The fuel subsidy removal by President Tinubu in May 2023 has led to an increase in the price of fuel and other petroleum products.
In 2024, the price of fuel increased from an average of N238.11 in May 2023, to over N1,000 as of October 2024.
The increase followed fuel price hikes by the Nigeria National Petroleum Commission Limited (NNPCL), as it increased the price of fuel in its retail outlets twice within two months at approximately N998 in Lagos from N885 and N1,030 in Abuja from N897. The price was also adjusted to N1,025 in Lagos and N1,060 in Abuja in November.
With the coming onstream of the Dangote Refinery and the back and forth with regulatory authorities, Nigerians recorded a reprieve in December 2024 when the refinery partnered with MRS filling station to sell fuel at N935 per litre.
The NNPCL followed suit, cutting down its ex-depot price to N899 to ease the cost of transportation.
Retail outlets have no role in fixing fuel price – PETROAN
Meanwhile, TheRadar earlier reported that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said its members have no role in fixing the price of fuel nationwide.
The National Public Relations Officer of PETROAN, Dr Joseph Obele, stated this during a radio interview in Abuja on Thursday, January 9.
