The price of petrol surged to N950 per litre in July 2024, marking the highest recorded price for Premium Motor Spirit (PMS) in the country.
According to NBS report, titled “July Petrol Price Watch,” revealed that Katsina State led the nation with the highest petrol price at N950 per litre.
Following closely were Jigawa State with N903.08 per litre and Benue State at N846.95 per litre.
On the other hand, the states with the lowest average retail prices were Kwara at N650.00, Edo at N669.75, and Akwa Ibom at N673.75 per litre.
For the month under review, the NBS reported an average petrol price of N770.54 per liter across Nigeria.
This increase comes in the wake of the Nigerian government’s decision to remove fuel subsidies in May 2023. Since then, the price of petrol has risen sharply, jumping from N238 per litre in May 2023 to an average of N770.54 in July 2024.
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