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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of March 2024 was N696.79, indicating a 163.65% increase when compared to the value recorded in March 2023 (N264.29). Likewise, comparing the average price value with the previous month (.i.e. February 2024), the average retail price increased by 2.56% from N679.36. On State profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N761.92, Yobe and Adamawa States were next, with N749.09 and N735.00, respectively.
On the other side, Lagos, Oyo and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N630.75, N645.88 and N651.25 respectively. Lastly, on Zonal profile, the North East Zone had the highest average retail price of N732.37, while the South West Zone had the lowest price of N654.24. 

Data source: National Bureau of Statistics