Abuja, March 20, 2024: The National Bureau of Statistics (NBS) says Nigeria has recorded increases in prices of petrol and diesel in the month of February 2024.
The average retail price of a litre of petrol increased from N263.76 in February 2023 to N679.36 in February 2024.
The bureau said this in its petroleum Price Watch for February 2024, released in Abuja on Wednesday.
It said that the February 2024 price of N679.36 represented a 157.57 per cent increase over the price of N263.76 recorded in February 2023.
“Comparing the average price value with the previous month of January 2024, the average retail price increased by 1.66 per cent from N668.30.
“On state profile analysis, Zamfara paid the highest average retail price of N750.43 per litre, followed by Kebbi and Taraba at N746.67 and N710.56, respectively.
“Conversely, Kwara, Ogun and Benue paid the lowest average retail price at N650.00, 650.83 and 652.73,” the bureau said.
The report said analysis by zones showed that the North-West zone recorded the highest average retail price in January 2024 at N701.20, while the South-West recorded the lowest price at N657.20 per litre.
The retail price of a litre of diesel increased from N836.91 in February 2023 to N1,257.06 in February 2024.
It stated that the February 2024 price amounted to a 50.20 per cent increase over the price in February 2023.
“On a month-on-month basis, the price increased by 9.02 per cent from the N1,153.01 per litre recorded in January 2024,’’ it added.
The bureau stated also that in state profile analysis, the highest price of diesel in February 2024 was recorded in Akwa Ibom at N1,525 per litre, followed by Gombe State at N1,500 per litre and Kwara at N1,444 per litre.
It stated that the lowest price was recorded in Adamawa at N1,037.50 per litre, followed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre.
“Analysis by zones showed that the South-South had the highest price of N1,343.09 per litre, while the Southwest recorded the lowest price at N1,164.05 per litre,’’ it added.
