National Bureau of Statistics (NBS) has released a comprehensive report revealing that Benue, Borno, and Adamawa recorded the highest petrol prices in November 2024. This significant development highlights regional disparities in fuel prices across the country.
According to the NBS Petrol Price Watch report, which was officially released on Thursday in Abuja, the average retail price of petrol nationwide surged dramatically from ₦648.93 per litre in November 2023 to ₦1,214.17 in November 2024. This represents an 87.10% year-on-year increase, reflecting broader economic trends and potential impacts of policy changes or market factors influencing fuel prices.
On a month-to-month basis, the average price of petrol saw a modest increase of 2.48%, rising from ₦1,184.83 in October 2024 to ₦1,214.17 in November 2024. This consistent upward trend underscores the ongoing challenges faced by consumers in managing fuel costs.
A detailed state-by-state analysis revealed that Benue recorded the highest average retail price of petrol, with consumers paying ₦1,365.16 per litre. This was followed closely by Borno at ₦1,331.94 per litre and Adamawa at ₦1,319.85 per litre. These figures highlight the significant regional variations in petrol prices, potentially driven by supply chain logistics, demand fluctuations, or local market conditions.
In contrast, the states with the lowest average retail prices were Lagos, Katsina, and Kano. Lagos reported an average price of ₦1,092.79 per litre, Katsina recorded ₦1,121.25 per litre, and Kano reported ₦1,152.86 per litre. These lower prices in specific states may be attributed to proximity to supply sources, infrastructure efficiency, or competitive market dynamics.
The report also provided a regional analysis, revealing that the South-East Zone recorded the highest average petrol price at ₦1,257.72 per litre. On the other hand, the South-West Zone reported the lowest average price at ₦1,153.94 per litre, demonstrating clear regional disparities in pricing trends across the nation.
In addition to petrol, the NBS report also offered insights into diesel prices, which have also seen significant increases. The average retail price of diesel rose from ₦1,055.57 per litre in November 2023 to ₦1,446.83 per litre in November 2024, marking a year-on-year increase of 37.07%. On a month-to-month basis, diesel prices rose marginally by 0.38%, moving from ₦1,441.28 in October 2024 to ₦1,446.83 in November 2024.
Bauchi State reported the highest average retail price of diesel in November 2024 at ₦2,232.04 per litre, followed by Gombe at ₦1,770.59 per litre and Borno at ₦1,751.15 per litre. In contrast, the states with the lowest diesel prices included Oyo at ₦1,250.71 per litre, Ogun at ₦1,258.08 per litre, and Lagos at ₦1,262.38 per litre. These findings underscore the varying cost burdens borne by consumers depending on their geographic location and access to fuel supplies.
