The national average retail price for Premium Motor Spirit (PMS), commonly known as petrol, saw a year-on-year increase of 37.44% to N750.17 per litre in June 2024, up from N545.83 per litre in the same period of 2023.
However, on a month-on-month basis, the average retail price decreased by 2.53% from N769.62 per litre in May 2024, according to the National Bureau of Statistics (NBS) report on Premium Motor Spirit (Petrol) Price See for June 2024.
Benue State recorded the highest price at N864.55 per litre, followed by Jigawa at N847.00 and Rivers at N810.00.
Conversely, Lagos, Kwara, and Ogun states had the lowest prices at N626.94, N650.00, and N670.63 per litre, respectively.
Regionally, the South-South zone had the highest average retail price of N794.64, while the South-West zone had the lowest at N696.42.
The NBS report also highlighted a significant year-on-year increase in the average retail price of Automotive Gas Oil (diesel), which rose by 79.32% to N1462.98 per litre in June 2024 from N815.83 per litre in June 2023.
On a month-on-month basis, diesel prices increased by 4.20% from N1403.96 per litre in May 2024.
Niger State reported the highest average diesel price at N1979.23 per litre, followed by Cross River at N1920.86 and Taraba at N1742.46. The lowest diesel prices were found in Lagos (N1210.77), Ogun (N1239.17), and Abuja (N1240.00). The North East zone had the highest average diesel price at N1659.07, while the South West zone had the lowest at N1280.54.
The fluctuating fuel prices continue to impact the cost of living and transport expenses across Nigeria, reflecting broader economic challenges and regional disparities in fuel costs.