Petrol Prices Soar to N1,214.17 per Litre in November 2024, NBS Reveals
The National Bureau of Statistics (NBS) has reported a dramatic rise in the retail price of petrol, which increased by 87.10% from N648.93 per litre in November 2023 to N1,214.17 per litre in November 2024.
The NBS revealed this increase in its Petrol Price Watch for November 2024, released in Abuja on Thursday. The report showed a 2.48% increase in the average retail price from October 2024, when petrol was priced at N1,184.83 per litre.
In terms of state profiles, the highest average petrol prices were recorded in Benue (N1,365.16 per litre), followed by Borno (N1,331.94 per litre) and Adamawa (N1,319.85 per litre). On the other hand, Lagos (N1,092.79), Katsina (N1,121.25), and Kano (N1,152.86) had the lowest average retail prices for the month.
The South-East Zone experienced the highest average retail price at N1,257.72 per litre, while the South-West recorded the lowest at N1,153.94 per litre.
In the same report, the NBS also covered diesel prices, which saw a significant increase as well. The average retail price of diesel stood at N1,446.83 per litre in November 2024, reflecting a 37.07% rise from N1,055.57 per litre in November 2023. Compared to the previous month of October, the price increased by 0.38% from N1,441.28 per litre.
Bauchi state recorded the highest diesel price at N2,232.04 per litre, followed by Borno (N1,770.59) and Adamawa (N1,751.15). Conversely, the lowest diesel prices were observed in Oyo (N1,250.71), Ogun (N1,258.08), and Lagos (N1,262.38).
Regional analysis indicated that the North-East Zone had the highest diesel price at N1,676.11 per litre, while the South-West had the lowest at N1,303.61 per litre.
