In June 2024, the National Bureau of Statistics (NBS) reported significant changes in fuel prices compared to the previous year and month:
1. **Petrol Price:**
– The average retail price of petrol rose from ₦545.83 in June 2023 to ₦750.17 in June 2024, marking a 34.77% increase year-on-year.
– Compared to May 2024, the average price of petrol decreased by 2.53%, from ₦769.72 to ₦750.17 per litre.
– State-wise, Benue had the highest average retail price at ₦854.55 per litre, followed by Jigawa (₦847.00) and Rivers (₦810.00). Lagos (₦626.94), Kwara (₦650.00), and Ogun (₦670.63) had the lowest average prices.
– The South-South Zone recorded the highest average retail price at ₦794.64, while the South-West had the lowest at ₦696.42 per litre.
2. **Diesel Price:**
– The average retail price of diesel in June 2024 was ₦1,462.98 per litre, compared to ₦815.83 in June 2023, marking a significant 79.32% increase year-on-year.
– Month-on-month, diesel prices increased by 4.20% from ₦1,403.96 in May 2024.
– State-wise, Niger had the highest average price of diesel at ₦1,979.23 per litre, followed by Cross River (₦1,920.86) and Taraba (₦1,742.46). Lagos (₦1,210.77), Ogun (₦1,239.17), and Abuja (₦1,240.00) recorded the lowest average prices.
– The North-East Zone had the highest average retail price of diesel at ₦1,659.07, while the South-West had the lowest at ₦1,280.54 per litre.
These reports indicate significant fluctuations in fuel prices across Nigeria, impacting both consumers and the economy at large.