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Petrol price rises to ₦1,214.17, diesel hits ₦1,446.83 in November 2024

November 2024 price of ₦1,214.17 represented an 87.10% increase over the price of ₦648.93 recorded in November 2023.
Marketers warn of looming petrol price hike after Dangote Refinery halts supply
Marketers warn of looming petrol price hike after Dangote Refinery halts supply

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from ₦648.93 in November 2023 to ₦1,214.17 in November 2024. It made the declaration in its Petrol Price Watch for November 2024 released in Abuja on Thursday.

It stated that the November 2024 price of ₦1,214.17 represented an 87.10% increase over the price of ₦648.93 recorded in November 2023.

Comparing the average price value with the previous month of October, the average retail price increased by 2.48% from ₦1,184.83

On state profiles analysis, the report said Benue paid the highest average retail price of ₦1,365.16 per litre, followed by Borno and Adamawa at ₦1,331.94 and ₦1,319.85, respectively. It stated;

Conversely, Lagos, Katsina, and Kano paid the lowest average retail price at ₦1,092.79, ₦1,121.25, and ₦1,152.86 respectively

Fuel scarcity worsens as NNPCL increased petrol price amid scarcity. [Punch]

Analysis by zones showed that the South-East Zone recorded the highest average retail price in November 2024 at ₦1,257.72 while the South-West recorded the lowest price at ₦1,153.94 per litre. The NBS also stated in its Diesel Price Watch Report for November 2024 that the average retail price was ₦1,446.83 per litre.

It said that the November 2024 price of ₦1,446.83 per litre amounted to a 37.07% increase over the ₦1,055.57 per litre paid in November 2023. It added;

On a month-on-month basis, the price increased by 0.38% from the ₦1,441.28 per litre recorded in October 2024

On state profile analysis, the report said the highest average price per litre of diesel in November was recorded in Bauchi state at ₦2,232.04, followed by Bauchi at ₦1,770.59 and Borno at ₦1,751.15. On the other hand, the lowest price was recorded in Oyo at ₦1,250.71  per litre, followed by Ogun at ₦1,258.08 and Lagos at ₦1,262.38.

In addition, the analysis by zones showed that the North-East Zone had the highest price of ₦1,676.11 per litre, while the South-West recorded the lowest price at ₦1,303.61 per litre. 

Also read: Price War: NNPC slashes petrol to ₦899 per litre to match Dangote – PETROAN

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