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The National Bureau of Statistics has released its Petrol Price Watch for September 2024, revealing a rise in the average retail price of Premium Motor Spirit (Petrol) across the country.
According to the Friday report obtained from the NBS website, the average price paid by consumers reached N1,030.46, marking a dramatic 64.55 per cent increase from September 2023, when the price was just N626.21.
This is also a notable rise of 24.08 per cent from the previous month, August 2024, which recorded an average price of N830.46.
According to the report, the data, meticulously collected from over 10,000 respondents across 774 local government areas in all 36 states and the Federal Capital Territory (FCT), Abuja, underscores the widespread impact of rising fuel prices.
The collection process was conducted by a dedicated team of over 700 NBS staff, with stringent quality control measures in place to ensure accuracy and reliability.
“This extensive data collection reflects our commitment to providing accurate and timely information to inform public policy and consumer decisions,” read the NBS report.
Executive summary
Katsina State emerged as the region with the highest average petrol price, averaging N1,096.15, followed closely by Ebonyi and Akwa Ibom States at N1,090.94 and N1,085.71, respectively.
In contrast, Yobe, Sokoto, and Kebbi States recorded the lowest prices, with averages of N939.38, N961.67, and N986.67.
“The variation in prices across states highlights the complexities within our fuel distribution network and the need for effective management strategies,” noted the NBS report.
A zonal analysis further highlights disparities in petrol pricing across the country, with the North-West Zone reporting the highest average price of N1,036.52, while the North-East Zone had the lowest at N1,014.55.
These significant price hikes raise concerns about the economic implications for consumers and businesses alike.
“Rising fuel costs directly impact transportation and goods prices, leading to a ripple effect throughout the economy,” warned an economic analyst.
“Immediate and strategic policy interventions are necessary to stabilise fuel costs and ease the financial burden on Nigerians.”
As consumers brace for the effects of these soaring prices, the NBS report serves as a crucial indicator of the current economic climate and the urgent need for action to address the challenges facing the Nigerian fuel market amid ongoing economic pressures.
