The National Bureau of Statistics (NBS) has reported a significant increase in the average retail price of petrol, which rose from N648.93 in November 2023 to N1,214.17 in November 2024.
According to the NBS Petrol Price Watch for November 2024, released in Abuja, the new price represents an 87.10% increase compared to the same period in 2023.
The bureau further noted a 2.48% increase from the N1,184.83 recorded in October 2024.
State Price Analysis
Benue recorded the highest average retail price of petrol at N1,365.16 per litre, followed by Borno and Adamawa, where prices stood at N1,331.94 and N1,319.85, respectively.
Conversely, Lagos, Katsina, and Kano recorded the lowest average retail prices, with Lagos at N1,092.79, Katsina at N1,121.25, and Kano at N1,152.86.
Zonal Analysis
The South-East Zone recorded the highest average price in November 2024, at N1,257.72 per litre, while the South-West Zone had the lowest, at N1,153.94 per litre.
Diesel Price Watch
In its Diesel Price Watch Report for November 2024, the NBS revealed that the average retail price of diesel stood at N1,446.83 per litre, representing a 37.07% increase from the N1,055.57 per litre recorded in November 2023.
On a month-on-month basis, diesel prices increased by 0.38% from N1,441.28 per litre in October 2024.
State and Zonal Diesel Prices
The highest diesel price in November 2024 was recorded in Bauchi at N2,232.04 per litre, followed by Bauchi (N1,770.59) and Borno (N1,751.15).
The lowest prices were seen in Oyo (N1,250.71), Ogun (N1,258.08), and Lagos (N1,262.38).
Regionally, the North-East Zone recorded the highest average diesel price at N1,676.11 per litre, while the South-West Zone had the lowest, at N1,303.61 per litre.
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