Average price of petrol in South West States grew by 25.26% YoY
The average price of Premium Motor Spirit (PMS) or petrol in South West states increased by 25.26 per cent Year-on-Year (YoY) to N773.06 per litre as of July 2024 from N 617.18 per litre June 2023.
South West states include: Ekiti, Lagos, Ogun, Ondo, Osun and Oyo states.
This is disclosed by the National Bureau of Statistics (NBS) in its “Premium Motor Spirit (Petrol) Price Watch” report disclosed that that Osun state at N842.14 pre litre as of July 2024 has the highest price of petrol, followed by Oyo state with N808.85 per litre.
The South West states, according to NBS is ranked third lowest price of average petrol YoY at N773.06 per litre as of July 2024.
The report disclosed that average retail price paid by consumers for petrol for July 2024 was N770.54, indicating a 28.35per cent increase compared to the value recorded in July 2023 (N600.35).
“Likewise, comparing the average price value with the previous month (.i.e. June 2024), the average retail price increased by 2.72per cent from N750.17.
“On State profile analysis, Katsina State had the highest average retail price for petrol, at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.
“Conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75 respectively. Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N820.10, while the South-South Zone had the lowest price of N678.30.
