In April, the prices of petrol, diesel, and kerosene increased, while spending on Liquefied Petroleum Gas (LPG) or cooking gas slightly decreased among Nigerians.
Data from the National Bureau of Statistics (NBS) revealed that the average retail price paid by consumers for Premium Motor Spirit (PMS), commonly known as petrol, in April 2024 was N701.24.
This marked a substantial 176.02% surge compared to April 2023, which stood at N254.06. Similarly, in comparison to March 2024, the average retail price rose by 0.64% from N696.79.
In terms of regional breakdown, Kogi state recorded the highest average retail price for petrol at N797.78, followed by Nasarawa and Zamfara states at N778.89 and N754.29, respectively. Conversely, Lagos, Niger, and Ogun States boasted the lowest average retail prices at N602.55, N633.75, and N647.14, respectively.
Regionally, the North-east zone registered the highest average retail price of petrol at N734.70, whereas the South-west zone reported the lowest price at N655.66.
Additionally, the latest NBS data indicated that the average retail price of Automotive Gas Oil (AGO), also known as diesel, witnessed a year-on-year increase of 68.01%, soaring from N842.25 per litre in April 2023 to N1415.06 per litre in April 2024. On a month-on-month basis, there was a 5.51% upsurge from N1341.16 in March 2024 to N1415.06 in April 2024.
Regarding state-level discrepancies, Taraba (N1742.46), Bauchi (N1669.63), and Borno (N1652.61) recorded the highest average prices of diesel in April 2024, while Niger (N1023.00), Kogi (N1152.50), and Adamawa (N1257.50) reported the lowest.
Zonally, the North-east zone exhibited the highest average diesel price at N1553.80, whereas the North-central zone showcased the lowest at N1307.21 compared to other zones.
Furthermore, the average retail price per litre of kerosene in April 2024 was N1,439.64, reflecting a 6.29% increase from N1,354.40 recorded in March 2024 and a 24.04% rise from N1,160.67 in April 2023. Benue (N1,788.47), Kaduna (N1,761.62), and Plateau (N1,717.78) recorded the highest average prices of kerosene, while Katsina (N1,222.22), Jigawa (N1,240.74), and Kwara (N1,252.38) reported the lowest.
On a brighter note, the average retail price for refilling a 5kg cylinder of LPG decreased by 1.06% on a month-on-month basis from N6,591.62 in March 2024 to N6,521.58 in April 2024. However, on a year-on-year basis, it surged by 40.48% from N4,642.27 in April 2023. Bauchi (N7,000.00), Kano (N6,998.67), and Yobe (N6,962.50) recorded the highest average prices for LPG refills, while Adamawa (N5,470.00), Enugu (N5,973.53), and Katsina (N5,981.82) reported the lowest.
Regionally, the South-south had the highest average retail price for refilling a 5kg cylinder at N6,767.27, followed by the North-east at N6,602.50, while the South-east recorded the lowest at N6,204.86.
SOURCE: newscentral.africa