Rise in Petrol Prices: A Significant Increase in September 2024
According to the National Bureau of Statistics (NBS), the average retail price of Premium Motor Spirit (PMS), also known as petrol, surged to ₦1,030.46 per litre in September 2024, marking a significant increase.
The NBS report, “Premium Motor Spirit (Petrol) Price Watch (September 2024)”, released on October 17, highlights a 64.5% year-on-year increase from the ₦626.21 recorded in September 2023 and a 24.08% jump from the ₦830.46 average for August 2024.
The analysis by state reveals that Katsina topped the list with the highest average retail price at ₦1,096.15, followed by Ebonyi and Akwa Ibom at ₦1,090.94 and ₦1,085.71, respectively. Conversely, Yobe, Sokoto, and Kebbi recorded the lowest prices at ₦939.38, ₦961.67, and ₦986.67, respectively.
The North-West Zone had the highest average price at ₦1,036.52, while the North-East Zone reported the lowest at ₦1,014.55.
This recent price hike follows an earlier move by the Nigerian National Petroleum Company (NNPC) on October 9, increasing petrol prices to ₦998 per litre in Lagos and ₦1,003 per litre in Abuja. The Nigeria Labour Congress (NLC) criticized the decision, calling it detrimental to the recently approved ₦70,000 minimum wage.
The House of Representatives, on October 16, urged the federal government to reverse the price increase.
According to the latest petroleum distribution figures, petrol imports decreased by 3.58 billion litres between 2022 and 2023, resulting in a year-on-year decline of 13.77%. This drop is largely attributed to the second half of 2023, which saw a sharp decrease in imports, from 11.94 billion litres to 8.36 billion litres, representing a 29.99% reduction.
