Petrol price stands at N830.46 in August- NBS

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N626.70 in August 2023 to N830.46 in August 2024.

It made the declaration in its Petrol Price Watch for August 2024 released in Abuja on Sunday.

It stated that the August 2024 price of N830.46 represented a 32.51 per cent increase over the price of N626.70 recorded in August 2023.

“Comparing the average price value with the previous month of July, the average retail price increased by 7.78 per cent from N770.54.”

On state profiles analysis, the report said Benue paid the highest average retail price of N941.24 per litre, followed by Bauchi and Gombe States at N935.71 and N925.00, respectively.

“Conversely, Delta, Cross River, and Edo paid the lowest average retail price at N667.50, N672.00, and N676.25 respectively,” it stated.

Analysis by zones showed that the North-East Zone recorded the highest average retail price in August 2024 at N908.21 while the South-West recorded the lowest price at N677.11 per litre.

The NBS also stated in its Diesel Price Watch Report for August 2024 that the average retail price was N1,406.05 per litre.

It said that the August 2024 price of N1,406.05 per litre amounted to a 64.58 per cent increase over the N854.32 per litre paid in August 2023.

“On a month-on-month basis, the price increased by 1.93 per cent from the N1,379.48 per litre recorded in July 2024,” it added.

On state profile analysis, the report said the highest average price per litre of diesel in August was recorded in Kaduna state at N1,979.23, followed by Bauchi at N1,927.34 and Taraba at N1,638.14.

On the other hand, the lowest price was recorded in Lagos at N1,237.14 per litre, followed by Ogun at N1,255.00 and Osun at N1,268.18.

In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,621.23 per litre, while the South-West recorded the lowest price at N1,283.47 per litre.