Lagos, Oyo Lead List of Cheapest States To Buy Petrol in Nigeria as Marketers Give New Fuel Price

Lagos, Oyo Lead List of Cheapest States To Buy Petrol in Nigeria as Marketers Give New Fuel Price

  • The National Bureau of Statistics has revealed that the average price of petrol has increased again
  • Once again, the price for a litre of petrol was sold at an average price of over N630 across the country
  • According to a recent NBS report, the cheapest petrol price was recorded in the western states, while the north paid more 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 (NBS) says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, was N696.79 in April 2024.

This represents a 163.65% increase when compared to the N264.29 per litre average price recorded in March 2023.

Petrol prices in Nigeria
Lagos is the cheapest state to buy petrol Nigeria Photo credit: Olukayode Jaiyeola
Source: Getty Images

NBS stated this in its latest PMS price watch report, which was published on its website and obtained by

Read also

"Dollar no de fear Cardoso again": Shehu Sani reacts as Naira crashes to N1,140/$ in parallel market

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

The report also showed that compared to the average price of N679.36 in February 2024, Nigerian motorists paid 2.56% more on a month-to-month basis.

Petrol prices differ by states

Furthermore, NBS provided a breakdown of state analysis, and it showed that Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N761.92, Yobe and Adamawa States were next, with N749.09 and N735.00, respectively.

On the other hand, Lagos, Oyo, and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N630.75, N645.88, and N651.25, respectively.

On the zonal profile, the North East zone had the highest average retail price of N732.37, while the South West zone had the lowest price of N654.24, Punch reports.

Read also

CBN slashes customs dollar exchange rate to clear goods at ports

List of 10 states with the cheapest price for petrol per litre in April 2024

  • Lagos N630.75
  • Oyo N645.88
  • Ogun N651.25
  • Niger N657.15
  • Ekiti N661.56
  • Plateau N662.27
  • Ondo N663.85
  • Kwara N665.68
  • Osun N672.14
  • Kaduna N683.93

Dangote refinery crashes diesel price

Earlier, reported that the pump price of petrol at the Dangote and PH refineries is about to crash to N500 per litre.

There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150

The Dangote Refinery has already taken the bold step of reducing the diesel price from N1,700 to N1,000 per litre


Online view pixel