Petrol Price Surged By 64% In One Year — NBS Report

The National Bureau of Statistics (NBS) has reported a significant rise in the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, which surged to ₦1,030.46 per litre in September 2024.

In its publication, titled ‘Premium Motor Spirit (Petrol) Price Watch (September 2024)’, released on October 17, the NBS noted a 64.5 percent increase from the ₦626.21 recorded in September 2023.

The report also highlighted a 24.08% jump from August 2024, where the price averaged ₦830.46 per litre.

In the state-by-state analysis, Katsina led with the highest average retail price at ₦1,096.15, followed by Ebonyi (₦1,090.94) and Akwa Ibom (₦1,085.71).

On the lower end, Yobe, Sokoto, and Kebbi states recorded the lowest prices, at ₦939.38, ₦961.67, and ₦986.67, respectively.

Regionally, the North-West Zone had the highest average price at ₦1,036.52, while the North-East Zone posted the lowest at ₦1,014.55.

This increase follows an earlier move by the Nigerian National Petroleum Company (NNPC) on October 9, where petrol prices were raised to ₦998 per litre in Lagos and ₦1,003 per litre in Abuja.

The Nigeria Labour Congress (NLC) criticized the hike, calling it harmful to the recently approved ₦70,000 minimum wage.

On October 16, the House of Representatives urged the federal government to reverse the price increase.

Meanwhile, the Bureau has revealed a significant reduction in the importation of petrol over the past year.

According to the latest petroleum distribution figures released by the agency, petrol imports decreased by 3.58 billion litres between 2022 and 2023.

The report highlights that total petrol imports fell from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, representing a year-on-year decline of 13.77%.

Notably, the second half of 2023 saw a sharp decrease in imports, with 8.36 billion litres imported compared to 11.94 billion litres in the first half, marking a 29.99% reduction.