Nigeria: Petrol price sells at $0.46 in June

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The National Bureau of Statistics (NBS) has reported a significant increase in the average retail price of petrol and diesel in its latest releases for June 2024.

According to the NBS Petrol Price Watch report released in Abuja, the average retail price of petrol rose from N545.83 in June 2023 to N750.17 in June 2024, marking a 34.77% increase.

Comparing with the previous month of May 2024, there was a slight decrease of 2.53% from N769.72.

The report highlighted state profiles, indicating Benue had the highest average retail price of petrol at N854.55 per litre, followed by Jigawa at N847.00 and Rivers at N810.00.

Conversely, Lagos, Kwara, and Ogun recorded the lowest prices at N626.94, N650.00, and N670.63 per litre, respectively. Among the zones, the South-South recorded the highest average price at N794.64, while the South-West had the lowest at N696.42 per litre.

In its Diesel Price Watch Report for June 2024, the NBS noted an average retail price of N1,462.98 per litre, representing a significant 79.32% increase from N815.83 per litre in June 2023. Month-on-month, diesel prices rose by 4.20% from N1,403.96 in May 2024.

State-wise, Niger recorded the highest average diesel price at N1,979.23 per litre, followed by Cross River at N1,920.86 and Taraba at N1,742.46.

Conversely, Lagos reported the lowest diesel price at N1,210.77 per litre, followed by Ogun at N1,239.17 and Abuja at N1,240.00. Across zones, the North-East had the highest average diesel price of N1,659.07 per litre, while the South-West had the lowest at N1,280.54 per litre.