Nigeria’s Petrol Prices Surge 87.10% in 2024

The National Bureau of Statistics (NBS) reports that the average price of petrol in Nigeria shot up from ₦648.93 per liter in November 2023 to ₦1,214.17 in November 2024.

This is an 87.10% increase within a year, according to their latest Petrol Price Watch report from Abuja.

From October to November 2024, the price rose slightly by 2.48%, from ₦1,184.83 to ₦1,214.17 per litre.

The report also showed differences in petrol prices across different states. Benue had the highest price at ₦1,365.16 per litre.

Borno and Adamawa also saw high prices at ₦1,331.94 and ₦1,319.85 per litre respectively. On the other hand, Lagos, Katsina, and Kano had the lowest prices, with Lagos paying₦1,092.79 per litre.

In regional comparisons, the South-East had the highest average price in November 2024 at ₦1,257.72 per litre, while the South-West had the lowest at ₦1,153.94 per litre.

The NBS’s Diesel Price Watch for November 2024 showed that diesel prices also rose. The average price was ₦1,446.83 per litre, which is a 37.07% increase from November 2023 when it was ₦1,055.57 per liter.

The month-to-month increase from October 2024 was small at 0.38%.

Bauchi State had the highest diesel prices, with the highest being ₦2,232.04 per liter. The lowest prices were in Oyo, Ogun, and Lagos, with Oyo at ₦1,250.71 per liter.

The North-East region had the highest average diesel price at ₦1,676.11 per liter, while the South-West had the lowest at ₦1,303.61 per liter.

These fuel price increases come amid ongoing challenges in the fuel market, impacting the cost of living and transportation across Nigeria.