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

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of April 2024 was N701.24, indicating a 176.02% increase when compared to the value recorded in April 2023 (N254.06). Likewise, comparing the average price value with the previous month (.i.e. March 2024), the average retail price increased by 0.64% from N696.79. On State profile analysis, Kogi State had the highest average retail price for Premium Motor Spirit (Petrol), at N797.78, Nasarawa and Zamfara States were next, with N778.89 and N754.29, respectively.
On the other side, Lagos, Niger and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N633.75 and N647.14 respectively. Lastly, on Zonal profile, the North East Zone had the highest average retail price of N734.70, while the South West Zone had the lowest price of N655.66.

Data source: National Bureau of Statistics