Petrol Prices Increase Again, Filling Stations Sell to Motorist at New Prices

• New data released by the National Bureau of Statistics has revealed that Nigerians once again paid more to buy petrol in February 2024
• The data showed that the price of a litre of petrol increased by 157.57% when what was paid in same month 2023
• The highest petrol price for February was recorded in Zamfara State, followed by Kebbi and Taraba States

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends

The National Bureau of Statistics says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased to N679.36 per litre in February 2024.

This represents a 157.57% increase when compared with N263.76 per liter average price recorded in February 2023.

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When compared to the January 2024 petrol price of N668.30, the February price reflects a 1.66% increase.

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

States with highest and lowest petrol price in July 2023

NBS provided a breakdown of states analysis and it showed that northern states motorist paid more to buy petrol.

Zamfara had the highest average retail price for Premium Motor Spirit (Petrol), at N750.43, Kebbi and Taraba States were next, with N746.67 and N710.56, respectively

On the other side, Kwara, Ogun and Benue States had the lowest average retail prices for petrol, at N650.00, 650.83 and 652.73 respectively.

Also, on Zonal profile, the North West Zone had the highest average retail price of N701.20, while the South West Zone had the lowest price of N657.20.

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Here are the states with highest petrol prices in February 2024

• Zamfara: N750.43
• Kebbi: N746.67
• Taraba: N710.56
• Gombe: N710.00
• Imo: N705.51
• Jigawa: N696.43
• Abia: N688.62
• Bauchi: N688.57
• Enugu: N688.21
• Yobe: N688.20

7 major marketers get approval to sell Dangote fuel

Earlier, Legit.ng reported that about seven major oil marketers in Nigeria have registered with the Dangote Petroleum Refinery to lift and distribute refined petroleum products from the plant.

Dealers under the auspices of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed on Sunday, January 14, 2024, that with the registration, they would begin the distribution of fuel produced at the plant once the commercial terms are finalized.

Source: Legit.ng