The Nigerian Bureau of Statistics (NBS) in its October Premium Motor Spirit (Petrol) Price Watch has revealed that the average retail price of Petroleum Motor Spirit (PMS) increased Year-on-year by 87.88% in October compared to its price in the same period of 2023.
Report Details
According to the report, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for October 2024 was N1184.83, indicating an 87.88% increase compared to the value recorded in October 2023 (N630.63).
On a month-on-month basis, the average retail price increased by 14.98% from N1030.46 in September 2024. The report reveals Ebonyi State had the highest average retail price for PMS (N1292.86) in October 2024, Jigawa and Borno States were next, with N1288.18 and N1283.79, respectively.
On the other hand, Delta, Nasarawa, and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N1,050.00, N1,063.68, and N1,080.95 respectively.
The average nationwide price of N1184.83 represents the highest monthly average price of PMS since November 2023. Zonally, the South East Zone had the highest average retail price of N1256.76, while the North-Central Zone had the lowest price of N1132.94.
