The average retail price for petrol in the North West zone in July 2024 stood at N820.10 per litre, the highest among all six geopolitical zones.
This price exceeded the national average of N770.54, which saw a 28.35% year-on-year increase and a 2.72% rise from June 2024.
This data is from the Premium Motor Spirit (petrol) price watch report for July 2024, released by the National Bureau of Statistics (NBS).
The July figure for the North West zone reflects an increase from N748.65 in June 2024, indicating a 9.54% month-on-month rise and a significant 32.02% increase from N621.22 in July 2023.
The North East zone recorded the second-highest retail petrol price in the country in July 2024, averaging N815.34 per litre, which represents a 10.72% increase from the N739.39 recorded in June 2024 and a 29.39% rise from N630.13 in July 2023.
The South East zone followed in third place, with an average petrol price of N786.78 in July 2024, showing a slight decline of 0.75% from the N792.75 recorded in June 2024 but a 25.69% increase from the N625.99 recorded in July 2023.
The South West zone had an average petrol price of N773.06 in July 2024, marking an 11% increase from June 2024 and a 25.26% rise from N617.18 in July 2023.
Next was the North Central zone, with an average price of N747.90, reflecting a 0.93% month-on-month increase and a substantial 35.59% year-on-year rise.
The South-South zone recorded the lowest petrol price in July 2024, with an average of N678.30 per litre, which was a 14.64% decline from the N794.64 recorded in June 2024 but a 20.07% increase from the July 2023 average of N564.92.
More insights
In its state profile analysis, the NBS Premium Motor Spirit (petrol) price watch report for July 2024 revealed that Katsina State recorded the highest average petrol price, reaching N950 per litre.
This was closely followed by Jigawa State, where the average price stood at N903.08, while Benue State came in third with an average of N846.95 per litre.
Conversely, the report highlighted that Kwara State recorded the lowest average petrol price in July 2024, at N650 per litre. Edo State followed with an average price of N669.75, and Akwa Ibom registered the third-lowest average at N673.75 per litre.
Monthly fluctuations in petrol prices from July 2023 to July 2024
The NBS report further provided detailed insight into how the average price of petrol in Nigeria has fluctuated over the past 12 months, from July 2023 to July 2024.
Here is a breakdown of the average petrol prices and the percentage change month-on-month:
- July 2023 – N600.35
- August 2023 – N626.70 (+4.4%)
- September 2023 – N626.21 (-0.1%)
- October 2023 – N630.63 (+0.7%)
- November 2023 – N648.93 (+2.9%)
- December 2023 – N671.86 (+3.5%)
- January 2024 – N668.30 (-0.5%)
- February 2024 – N679.36 (+1.7%)
- March 2024 – N696.79 (+2.6%)
- April 2024 – N701.24 (+0.6%)
- May 2024 – N769.62 (+9.8%)
- June 2024 – N750.17 (-2.5%)
- July 2024 – N770.54 (+2.7%)
