FRI APRIL 19 2024-theGBJournal| Taraba State had the highest average retail price for Premium Motor Spirit (Petrol) at N761.92 for the month of March 2024 , according to latest data published by the National Bureau of Statistics (NBS).
According to the data, Yobe and Adamawa States were next, with N749.09 and N735.00, respectively.
On the other side, Lagos, Oyo and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N630.75, N645.88 and N651.25 respectively.
On Zonal profile, the North East Zone had the highest average retail price of N732.37, while the South West Zone had the lowest price of N654.24.
Overall, the average retail price paid by consumers for Petrol for the month of March 2024 was N696.79, indicating a 163.65% increase when compared to the value recorded in March 2023 (N264.29).
Likewise, comparing the average price value with the previous month (.i.e. February 2024), the average retail price increased by 2.56% from N679.36.
Meanwhile, The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 59.51% on a year-on-year basis from a lower cost of N840.81 per litre recorded in the corresponding month of last year (i.e., March 2023) to a higher cost of N1341.16 per litre in March 2024.
On a month-on-month basis, an increase of 6.69% was recorded from N1257.06 in the
preceding month of February 2024 to an average of N1341.16 in March 2024.
Looking at the variations in the State prices, the top three State with the highest average price of the product in March 2024 include Edo State (N1566.67), Jigawa State (N1533.33) and Cross River (N1532.71).
Furthermore, the top three lowest prices were recorded in the following State namely, Plateau State (N1067.25), Niger State (N1140.00) and Adamawa State (N1175.00).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that South South Zone has the highest price of N1419.35 while North Central Zone has the lowest price N1230.98 when compared with other Zones.
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