N830/Litre: Full List of 10 Cheapest States To Buy Petrol As NNPC Slashes Dangote Petrol Price

N830/Litre: Full List of 10 Cheapest States To Buy Petrol As NNPC Slashes Dangote Petrol Price

  • Data from the National Bureau of Statistics has revealed that petrol prices increased again in August
  • The report showed that the price of a litre of petrol was sold at a national average cost of over N830.46 across the country
  • Residents of Benue state paid the highest average retail price for petrol, followed by Bauchi and Gombe states

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N830.46 in August 2024.

This represents a 7.78% increase compared to the N770.54 per litre average price value recorded in July 2024.

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Petrol prices in Nigeria
NBS reports give a breakdown of petrol prices in Nigeria Photo credit: nnpclimited
Source: Getty Images

NBS stated this in its latest PMS price watch report published on its website, which was analysed by Legit.ng.

The average petrol price in August is a 32.51% increase compared to the value recorded in August 2023 (N626.70 per litre).

Petrol prices differ by states

Furthermore, the NBS provided a breakdown of the average petrol price by state, including states with the highest and lowest prices.

Based on the state profile analysis data, Benue State had the highest average retail price for petrol, at N941.24, and Bauchi and Gombe States were next, with N935.71 and N925.00, respectively.

Conversely, Delta, Cross River, and Edo States had the lowest average retail prices for petrol, at N667.50, N672.00, and N676.25, respectively.

Lastly, on the Zonal profile, the North-East Zone had the highest average retail price of N908.21, while the South-South Zone had the lowest price of N677.11.

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States with the cheapest price of petrol

  • Kwara: N650.00
  • Edo: N669.75
  • Akwa Ibom: N673.75
  • Abuja: N677.00
  • Cross River: N677.78
  • Delta: N680.00
  • Bayelsa: N684.00
  • Rivers: N684.55
  • Lagos: N693.82
  • Ogun: N742.22

Ten most expensive states to buy petrol

  • Benue: N941.24
  • Bauchi: N935.71
  • Gombe: N925.00
  • Yobe: N916.00
  • Jigawa: N902.67
  • Taraba: N899.67
  • Borno: N893.29
  • Imo: N891.93
  • Abia: N887.72
  • Zamfara: N887.69

NNPC slash Dangote petrol price for marketers

Legit.ng earlier reported that 11Plc, TotalEnergies, AA Rano, and other marketers have started lifting Dangote petrol through the Nigerian National Petroleum Company (NNPC) Trading Limited for distribution to retail outlets nationwide for N765.99 per litre.

On Thursday, September 19, 2024, Tunji Oyebanji, the managing director of 11Plc, confirmed the development.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.