Fuel price rises by 87.88 per cent in one year

The National Bureau of Statistics (NBS) said the average retail price of premium motor spirit, otherwise known as petrol, rose by 87.88 per cent between October 2023 and October 2024. The NBS said while the product sold for N630.

63 in October 2023, the price rose to N1,184.83 a year later following the full deregulation of the product as announced by the Nigerian National Petroleum Limited (NNPCL). As of May 2023, the price of fuel was about N200 but jumped to N545.



83 immediately after the President announced the removal of the fuel subsidy on May 29, 2023. Since then, the price has continued to rise and dragging along with it, the prices of other commodities as transport fares have also risen steadily worsening inflation. Month-on-month, the price rose from N1,030 in September 2024 to N1,184.

83 in October, showing an increase of 14.98 per cent. Ebonyi State recorded the highest average retail price during the month under review at N1,292.

86, Jigawa and Borno states were next, with N1,288.18 and N1,283.79, respectively.

Conversely, Delta, Nasarawa and Lagos States had the lowest average retail prices for the product at N1,050, N1,063.68 and N1,080.95 respectively.

The South East zone had the highest average retail price of N1,256.76, while the North-Central zone had the lowest price of N1,132.94.

Meanwhile, the NBS also reports that the average retail price of automotive gas oil (diesel) increased by 43.41 per cent on a year-on-year basis from a lower cost of N1004.98 per litre recorded in October 2023 to N1,441.

28 per litre in October 2024..