Petrol price jumps to ₦750.17 in June 2024 from ₦545.83 in June 2023

It declared in its Petrol Price Watch for June 2024 released in Abuja on Thursday. It stated that the June 2024 price of ₦750.17 represented a 34.77% increase over the price of ₦545.83 recorded in June 2023.

“Comparing the average price value with the previous month of May, the average retail price decreased by 2.53% from ₦769.72.”

On state profiles analysis, the report said Benue paid the highest average retail price of ₦854.55 per litre, followed by Jigawa and Rivers at ₦847.00 and ₦810.00, respectively.

“Conversely, Lagos, Kwara and Ogun paid the lowest average retail price at ₦626.94, ₦650.00, and ₦670.63, respectively,’’ it stated.

Analysis by zones showed that the South-South Zone recorded the highest average retail price in June 2024 at ₦794.64 while the South-West recorded the lowest price at ₦696.42 per litre.

The NBS also stated in its Diesel Price Watch Report for June 2024 that the average retail price was ₦1,462.98 per litre. It said that the June 2024 price of ₦1,462.968 per litre amounted to a 79.32% increase over the ₦815.83 per litre paid in June 2023.

“On a month-on-month basis, the price increased by 4.20% from the ₦1,403.96 per litre recorded in May 2024,’’ it added.

On state profile analysis, the report said the highest average price of diesel in June 2024 was recorded in Niger at ₦1,979.23 per litre, followed by Cross River at ₦1,920.86 and Taraba at ₦1,742.46.

On the other hand, the lowest price was recorded in Lagos at ₦1,210.77 per litre, followed by Ogun at ₦1,239.17 and Abuja at ₦1,240.00. In addition, the analysis by zones showed that the North-East Zone had the highest price of ₦1,659.07 per litre, while the South-West recorded the lowest price at ₦1,280.54 per litre.