Nigeria’s petrol price has recorded a 2.72% increase in July 2024, with the average retail price rising to N770.54 per liter from N750.17 in June, according to the National Bureau of Statistics’ (NBS) latest Petrol Price Watch report.
Gatekeepers News reports that the data also shows a significant 23.35% year-on-year increase from N600.35 per liter in July 2023. The price hike is attributed to the ongoing fuel scarcity in various parts of the country, including Lagos and the Federal Capital Territory, Abuja.
A state-by-state analysis reveals that Katsina State had the highest average retail price for petrol at N950.00 per liter, followed by Jigawa and Benue States at N903.08 and N846.95, respectively.
In contrast, Kwara, Edo, and Akwa Ibom states recorded the lowest average retail prices at N650.00, N669.75, and N673.75 per liter, respectively.
This price increase comes after the Nigerian Government announced the removal of fuel subsidies in May last year, leading to a significant price hike from N238 per liter to the current average price of N770.54 per liter.
