The National Bureau of Statistics (NBS) has revealed that the retail price of a litre of Premium Motor Spirit (PMS) popularly known as petrol, increased to N1,030.46 in September.
The NBS in its report, titled ‘Premium Motor Spirit (Petrol) Price Watch (September 2024)’,which was released on October 17, said the pump price rose by 64.5 percent from N626.21 recorded in the corresponding month last year.
“Likewise, comparing the average price value with the previous month (.i.e. August 2024), the average retail price increased by 24.08% from N830.46,” the report reads.
On the state profile analysis, the bureau said Katsina had the highest average retail price for petrol at N1,096.15, followed by Ebonyi (N1,090.94) and Akwa Ibom (N1,085.71).
“Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N939.38, N961.67, and N986.67 respectively,” the NBS said.
“Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55.”
On October 9, the Nigerian National Petroleum Company (NNPC) increased the price of petrol to N998 per litre in Lagos and N1,003 in Abuja.
Reacting to the development, the Nigeria Labour Congress (NLC) said the move was “inimical” to the N70,000 minimum wage recently approved for workers.
On October 16, the house of representatives spoke on the matter, asking the federal government to reverse the hike.
