The National Bureau of Statistics (NBS) has stated that the average price of petrol across Nigeria took an upward increase of 32.5% from August 2023 to the same month in 2024.

The NBS, in a year-on-year report it shared on Monday, said that the average petrol price across Nigeria was N626.70 in August 2023. A year later, the price jumped to N830.46.

It also revealed that the average petrol price increase monthly was 7.78%.

In the report, the NBS noted that the states with the highest fuel prices were Benue, Bauchi and Gombe, at N941.24, N935.71 and N846.95 respectively. The states with the cheapest petrol prices were Delta, Cross River and Edo, where it was sold at N667.50, N672.00 and N676.25 respectively.

Source: National Bureau of Statistics on X

Between September 2023 and July 2024, the price of fuel has fluctuated. The NBS report showed that the lowest price within that time frame was N626.21 in September 2023 while the highest was in May 2024.

National Bureau of Statistics on X

With the continuous surge in petrol prices and the long queues in fuel stations in recent months, the Nigeria National Petroleum Corporation Limited (NNPCL), according to reports, said it owed huge debts to its international supplier.

READ ALSO: EXPLAINER: Why Fuel Queues Are Back

WHO DETERMINES PETROL PRICES?

There were expectations that the Dangote petrochemical refinery, at its launch, would mitigate the problem of supply. This would have pushed the price of fuel down.

However, in September, the Dangote Group posted on X that the NNPCL would determine the price. EQ captured the post before Dangote deleted it.

Following this, the NNPCL responded to Dangote’s post that it does not determine the price of petrol.

It claimed that fuel price was strictly determined by market forces as stated by Nigerian law.
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