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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for February 2024 was N679.36, indicating a 157.57% increase when compared to the value recorded in February 2023 (N263.76). Likewise, comparing the average price value with the previous month (.i.e. January 2024), the average retail price also increased by 1.66% from N668.30.
On State profile analysis, Zamfara State had the highest average retail price for Premium Motor Spirit (Petrol), at N750.43, Kebbi and Taraba States were next, with N746.67 and N710.56, respectively. On the other side, Kwara, Ogun and Benue States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, 650.83 and 652.73 respectively. Lastly, on Zonal profile, the North West Zone had the highest average retail price of N701.20, while the South West Zone had the lowest price of N657.20. 

Data source: National Bureau of Statistics