Petrol Price Rises to N750 Per Litre as New Report Shows Cheapest, Most Expensive States to Buy
- A new report by the National Bureau of Statistics (NBS) shows that the average price of petrol rose to N750 per litre
- The NBS disclosed that the Lagos, Ogun and Kwara states recorded the lowest price of petrol in June
- The report disclosed that Benue, Jigawa, and River states had the highest retail price of petrol in June
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The National Bureau of Statistics has issued its Premium Motor Spirit (PMS) Price Watch report for June 2024, showing that the average pump price of petrol increased to N750 per litre in June.
The report stated that Benue State had the highest petrol price at N864.55 per litre, followed by Jigawa and River states at N847 per litre and N810 per litre, respectively.
Source: Getty Images
Cheapest states to buy petrol
The report, however, said that the petrol prices in Lagos, Kwara, and Ogun had the lowest, at N626.94, N650, and N670.63, respectively.
The South-South zone recorded the highest average retail price of the commodity at N794.64, while the South-West had the lowest at N696.42 per litre.
According to reports, the national average retail price for PMS rose by 37.44% yearly to N750.17 per litre in June from N545.83 per litre recorded the year before.
Every month, the average retail price of petrol increased by 2.53% from N769.62 litre in May 2024.
Diesel prices rise in three states
Also, the average retail price of Automotive Gas Oil, known as diesel, rose by 79.32% yearly to N1,462.98 per litre in June, from N815.83 per litre recorded in the same period in 2023.
Every month, diesel recorded a 4.20% increase from N1,403.96 per litre in May 2024.
The NBS said the top three states with the highest average diesel price in June 2024 were Niger at N1,979.23, Cross River at N1,920.86 and Taraba at N1,742.46 per litre respectively.
Lagos, Ogun, and Abuja were the top three states with the lowest prices.
The North East recorded the highest average diesel price, at N1,659.07, while the South West had the lowest, at N1,280.54 per litre.
Dangote accuses IOCs of inflating crude oil prices
The development comes as Dangote Refinery disclosed that petrol prices would remain high due to international oil companies' (IOCs) activities.
Devakumar Edwin, the Vice President of Oil and Gas at Dangote Industries Limited, has revealed that international oil companies (IOCs) crude pricing will keep Premium Motor Spirit (PMS) or petrol prices on the high side.
According to Edwin, IOCs continue to sell crude oil to local refiners at above the official market price approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Nation reports that Edwin accused the IOCs of frequently imposing a premium of $2 to $4 per barrel over the official price set by NUPRC.
Dangote gives reasons for importing crude oil
Legit.ng earlier reported that the chairman of the Dangote Refinery, Aliko Dangote, has explained why his refinery will continue to import crude from abroad, especially from other African countries.
He said the 650,000 bpd-capacity refinery will start crude imports from other African countries in October due to non-availability in Nigeria.
The Nigerian industrialist stated that his company will source crude from other African countries after importing it from the US and Brazil recently.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
