Report Shows List of 10 States Residents Pay More for Petrol As Marketers Plan New Prices
- A recent report from the NBS has revealed that Nigerians pay more to buy petrol once again across the country
- The report noted that the national retail average price for a litre of petrol was up to N701.24, with Kogi residents paying the highest
- Marketers have offered a ray of hope to Nigerians ahead of the Port Harcourt refinery operation and Dangote's release of petroleum product
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Data by the National Bureau of Statistics (NBS) showed that the average retail price of a litre of petrol jumped to N701.24 in April 2024.
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This represents a 176.02% increase when compared to the N254.06 per litre petrol price paid by Nigerians in April 2023
It is also 0.64% when compared to N696.79 paid in the month of March 2024.
NBS stated this in its "Premium Motor Spirit (Petrol) Price Watch (April 2024)" report published on its website.
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State-by-state profile
The report further provided a breakdown of how much residents of each of the 36 states paid to buy petrol.
According to NBS, Kogi state had the highest average retail price for petrol, N797.78; while Nasarawa and Zamfara states followed with N778.89 and N754.29, respectively.
Conversely, the lowest average retail prices for Premium Motor Spirit (Petrol) were found in Lagos, Niger, and Ogun states, with prices of N602.55, N633.75, and N647.14, respectively.
Also, on the zonal profile, the North East Zone had the highest average retail price of N734.70, while the South West Zone had the lowest price of N655.66.
Speaking on the development, experts commend the commencement of the Dangote refinery in the indutry.
Samuel Oyekanmi, a research and insight associate with Norrenberger Financial Group said:
"The full implementation of Dangote Refinery is a potential growth propeller, however it will take time before we start seeing the full impact on the economy."
Why petrol prices increased
In April, Nigerians witnessed another round of fuel scarcity across the country for weeks.
The Nigerian National Petroleum Company (NNPC) explained on April 25 that the scarcity was due to logistics problems.
NNPC spokesperson said:
“The Nigerian National Petroleum Company Limited (NNPC Ltd.) wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues that have been resolved."
Here are the top 10 states with the highest petrol prices
| States | Petrol price April |
| Kogi | N797.78 |
| Nassarawa | N778.89 |
| Zamfara | N754.29 |
| Taraba | N751.89 |
| Borno | N743.91 |
| Adamawa | N741.67 |
| Yobe | N735.00 |
| Kebbi | N722.86 |
| Bauchi | N718.75 |
| Gombe | N717.00 |
Oil marketers crash petrol prices
In a related story, Legit.ng reported that petrol marketers across Nigeria crashed the commodity's price despite reporting high depot costs, which they say is about N770 per litre.
A market survey conducted by Legit.ng on Wednesday, May 15, 2024, showed that most oil marketers had reduced their petrol prices.
They claimed the Nigerian National Petroleum Company Limited (NNPC) supply was responsible for the crash. The marketers crashed the commodity’s price from N850 per litre to N650.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.
Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng
