Marketers Adjust Fuel Pump Price Again, Report Shows 10 Cheapest, Most Expensive States To Buy

• A new report by the NBS has revealed that the national average price of petrol has increased to above N1,000
• The NBS disclosed that the Katsina State, Ebonyi and Akwa Ibom States states recorded the highest price of petrol
• The report also disclosed that Yobe, Sokoto, and Kebbi States had the lowest retail price of petrol in September

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 N1,030.46 in September 2024.

This represents a 64.55% increase compared to the average price value of N626.21 per litre recorded in September 2023.

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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 September is a 24.08% increase compared to N830.46 per litre recorded in August 2024.

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, Katsina State recorded the highest average retail price for Premium Motor Spirit (petrol) at N1,096.15, followed by Ebonyi and Akwa Ibom States with N1,090.94 and N1,085.71, respectively.

Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices for petrol at N939.38, N961.67, and N986.67, respectively.

Lastly, in the zonal profile, the North-West Zone recorded the highest average retail price at N1,036.52, while the North-East Zone had the lowest price at N1,014.55., Punch reports.

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States with the cheapest price of petrol

Ten most expensive states to buy petrol

• Katsina: N1,096.15
• Ebonyi: N1,090.94
• Akwa Ibom: N1,085.71
• Anambra: N1,084.16
• Adamawa: N1,082.50
• Oyo: N1,076.11
• Kaduna: N1,074.62
• Plateau: N1,073.18
• Jigawa: N1,063.33
• Kogi: N1,063.09

States with the cheapest price of petrol

• Borno: N1,004.09
• Bayelsa: N1,002.73
• Imo: N1,002.69
• Lagos: N1,000.48
• Niger: N993.89
• Enugu: N990.09
• Gombe: N990.00
• Kebbi: N986.67
• Sokoto: N961.67
• Yobe: N939.38

FG approves oil marketers buying Dangote petrol

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has agreed to lower the ex-depot petrol price to N955 per litre for the Independent Petroleum Marketers Association of Nigeria (IPMAN).

This development follows months of a pricing dispute over payments made by IPMAN members for petrol supplies.

NNPC and independent marketers have been locked in disagreement on petrol pricing before the DSS intervention.

Source: Legit.ng