Kano, Lagos Among 10 States With Cheapest Petrol Prices in Nigeria

• New data released by the National Bureau of Statistics has revealed that Nigerians again paid more for petrol
• The data also showed that the price of a litre of petrol was sold at an average price of over N600 across the country
• The cheapest petrol price according to NBS report was recorded in Kano State, followed by Lagos State and Adamawa state

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol was N671.86 in December 2023.

This represents a 225.85% increase when compared to the to N206.19 per litre average price recorded in December 2022.

NBS stated this in its latest PMS Price Watch Report published on its website and obtained by Legit.ng.

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The report also showed that the amount Nigerian motorist paid in December 2023 is a 3.53% increase from N648.93 paid in November 2023..

Petrol prices differ by states

Furthermore, NBS provided a breakdown of states analysis and it showed that Kano State, followed by Lagos State and Adamawa state paid the lowest petrol prices.

On the flip side Ogun, Taraba, Adamawa residents paid the highest average prices in December 2023, Punch reports.

List of 10 states with the cheapest price for petrol in December 2023

• Kano N602.78
• Lagos N612.72
• Borno N622.71
• Oyo N626.56
• Delta N640.00
• Osun N641.54
• Ondo N644.06
• Kwara N650.63
• Ekiti N653.44
• Benue N658.89

Average prices by region

• North Central N657.69
• South West N659.14
• South South N666.05
• North West N672.30
• South East N679.75
• North East N699.82

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No more N817/ltr: Sokoto leads list of 10 most expensive states to buy diesel in Nigeria

"NNPC Depots Are Dry": Marketers speak on a slight increase in petrol price adjustments

Legit.ng reported IPMAN revealed that oil marketers could not lift products from the Nigerian National Petroleum Limited (NNPC), leading to scarcity in parts of the country.

The association said that despite NNPC not increasing its prices, marketers no longer have access to the oil company’s portal as it has stopped letting them load via the portal.

Speaking in Abuja, IPMAN's national spokesperson, Chinedu Ukadike, said private depots with products are already exploiting the situation and increasing their prices due to their inability to get products.

Source: Legit.ng