Average price of petrol grew significantly in Ekiti, Ondo states
A latest report by National Bureau of Statistics (NBS) has revealed that Ekiti and Ondo states led other South West states in average price of Premium Motor Spirit (PMS) or petrol as of June 2024.
NBS in iits “PMS or (Petrol) Price Watch” for the month of June 2024, disclosed that average price of PMS in Ekiti stood at N747.22 per litre, about 38.55per cent Year-on-Year (YoY) increase when compared to N539.33 per litre June 2023.
In Ondo State, the average price of PMS was at N747.86 per litre as of June 2024, representing 38.44 per cent YoY growth from N540.20 per litre June 2023.
The report revealed that Lagos and Ogun States have lowest average price of PMS, followed by Osun State.
On a YoY growth, the average price of PMS stood at N626.94 per litre, about 16.50 per cent increase when compared to N538.13 per litre in Lagos state.
Lagos state is where PMS is distributed across the country. The commercial centre of Nigeria is a home to two major seaports: the Lagos Port Complex (LPC) and the Tin Can Island Port. These ports are significant for Nigeria’s economy, handling a large volume of the country’s import and export activities.
These ports are crucial for Nigeria’s trade, facilitating significant economic activities and contributing to the Gross Domestic Product (GDP).
However, the report by NBS revealed that the average price of PMS in Ogun state as of June 2024 increased to N670.63 per litre from N540.91 per litre June 2023.
In addition, the average in Osun State increase from N540.13 per litre June 2023 to N689.22 per litre June 2024.
Regarndg Nigeria’s average price of PMS, the report noted that the average retail price paid by consumers for petrol for June 2024 was N750.17, indicating a 37.44per cent increase when compared to the N545.83 pre liitre recorded in June 2023 .
“Likewise, comparing the average price value with the previous month (.i.e. May 2024), the average retail price decreased by 2.53per cent from N769.62.
On State profile analysis, Benue State had the highest average retail price for petrol, at N854.55, Jigawa and Rivers States were next, with N847.00 and N810.00, respectively.
“On the other side, Lagos, Kwara, and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N626.94, N650.00, and N670.63 respectively.
“Lastly, on the Zonal profile, the South-South Zone had the highest average retail price of N794.64, while the South-West Zone had the lowest price of N696.42,” the report added.
