…as diesel price soars by 43.41 percent
The National Bureau of Statistics (NBS) on Wednesday said the average retail price of the Premium Motor Spirit (PMS) rose by 87.88 per cent in one year.
It also said the price soared from N630.63 per litre in October 2023 to N1,184.83 per litre in October 2024.
NBS made this known in its document titled: “Premium Motor Spirit Price Watch October 2024.”
The document said: “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for October 2024 was N1184.83, indicating a 87.88% increase compared to the value recorded in October 2023 (N630.63).”
The report said likewise, comparing the average price value with the previous month (.i.e. September 2024), the average retail price increased by 14.98% from N1030.46.
On State profile analysis, NBS said, Ebonyi State had the highest average retail price for Premium Motor Spirit (Petrol), at N1292.86, Jigawa and Borno States were next, with N1288.18 and N1283.79, respectively.
It added that conversely, Delta, Nasarawa, and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,050.00, N1,063.68, and N1,080.95 respectively.
NBS said lastly, on the Zonal profile, the South East Zone had the highest average retail price of N1256.76, while the North-Central Zone had the lowest price of N1132.94.
Similarly, the Bureau said the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 43.41% on a year-on-year basis from a lower cost of N1004.98 per litre recorded in the corresponding month of last year (i.e., October 2023) to a higher cost of N1441.28 Per litre in October 2024.
NBS said on a month-on-month basis, an increase of 1.58% was recorded from N1418.83 in September 2024 to an average of N1441.28 in October 2024. Its document titled “Automotive Gas Oil (diesel) Price Watch October 2024,” made this known.
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It said looking at the variations in the State prices, the top three States with the highest average price of the product in October 2024 include Bauchi State (N2031.00), Benue State (N1792.00), and Plateau State (N1743.65).
The report added that the top three lowest prices were recorded in the following State namely, Ogun State (N1200.71), Kaduna (N1244.50), and Ekiti State (N1278.65).
NBS said the Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North East Zone has the highest price of N1650.62 while the South West Zone has the lowest price of N1326.50 when compared with other Zones.