The national average price of Premium Motor Spirit (PMS), commonly known as petrol, witnessed a significant increase year-on-year, rising by 157.57 percent to N679.36 per litre in February 2024, compared to N263.76 per litre recorded in the corresponding period of 2023. This data was disclosed in the latest report titled ‘Premium Motor Spirit (Petrol) Price Watch for February 2024’, released by the National Bureau of Statistics (NBS).
According to the report, Zamfara State emerged as the top-ranking state in terms of petrol prices, with an average retail price of N750.43 per litre. It was followed by Kebbi and Taraba States, which recorded prices of N746.67 and N710.56 per litre, respectively. Conversely, Kwara, Ogun, and Benue States reported the lowest average retail prices for petrol, standing at N650.00, N650.83, and N652.73 per litre, respectively.
Analyzing the zonal profile, the North-West zone registered the highest average retail price for petrol at N701.20 per litre, while the South-West zone recorded the lowest price at N657.20 per litre.
Additionally, the NBS report highlighted a surge in diesel prices, with the average retail price increasing by 50.20 percent year-on-year to N1,257.06 per litre in February 2024, compared to N836.91 per litre in February 2023. The upward trend in diesel prices persisted across many states, with prices ranging from N1,600 to N1,700 per litre. The significant rise in fuel prices, particularly petrol and diesel, underscores the economic challenges faced by consumers and businesses, with potential implications for inflation and overall cost of living.
