By William Emmanuel Ukpoju
The cost of fuel is a crucial aspect of a nation’s economy, affecting everything from household expenses to transportation and goods production. In Nigeria, the price of Premium Motor Spirit (Petrol) has been a subject of concern for both consumers and the government.
The latest data from the National Bureau of Statistics (NBS) reveals a significant increase in the average retail price of Petrol in July 2024, sparking concerns about the impact on the economy and citizens’ livelihoods. This p delves into the details of the price increase, exploring the state and zonal variations, and what this might mean for the country.
A recent report from the NBS reveals a significant surge in the average retail price of Premium Motor Spirit (Petrol) in Nigeria. As of July 2024, consumers paid an average of N770.54 per litre, marking a 28.35% increase from the same period in 2023, when the price was N600.35.
Compared to the previous month, June 2024, the average retail price rose by 2.72% from N750.17. This steady increase in fuel prices may put a strain on household budgets and potentially impact the overall economy.
A state-by-state analysis shows significant disparities in fuel prices across the country. Katsina State recorded the highest average retail price at N950.00, followed closely by Jigawa and Benue States, with prices of N903.08 and N846.95, respectively.
On the other hand, Kwara, Edo, and Akwa Ibom States enjoyed the lowest average retail prices, at N650.00, N669.75, and N673.75, respectively.
From a zonal perspective, the North-West Zone had the highest average retail price of N820.10, while the South-South Zone recorded the lowest price of N678.30.
The steady rise in Petrol prices in Nigeria, particularly the 28.35% increase in July 2024, is a pressing issue that warrants attention from policymakers and stakeholders.
As the prices continue to soar, it is essential to consider the far-reaching implications for households, businesses, and the overall economy. While some states have managed to maintain relatively lower prices, others are grappling with prices significantly higher than the national average.
To mitigate the effects of this trend, it is crucial to address the underlying factors driving the price increases and work towards finding sustainable solutions to ensure affordable and accessible fuel for all Nigerians.
