Premium Motor Spirit (Petrol) Price Watch (January 2024)

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2024 was N668.30, indicating a 159.92% increase when compared to the value recorded in January 2023 (N257.12). Likewise, comparing the average price value with the previous month (i.e. December 2023), the average retail price decreased by 0.53% from N671.86.

On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol) at N796.67, Zamfara and Taraba States were next, with N771.43 and N704.11, respectively. On the other side, Kwara, Niger and Kogi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N614.90, 624.04 and 626.79 respectively. Lastly, on the Zonal profile, the North West Zone had the highest average retail price of N701.60, while the North Central Zone had the lowest price of N632.86.

Data source: National Bureau of Statistics