Amid the ongoing fuel scarcity across Nigeria, the latest report from the National Bureau of Statistics (NBS) has revealed a significant rise in the average retail price of Premium Motor Spirit (PMS), commonly known as petrol, reaching N770.54 per litre in July 2024.
The NBS’s PMS price watch report highlighted a sharp 28.35 per cent increase in petrol prices compared to last year, where the average price stood at N600.35 per litre. The report also noted a 2.72 per cent rise from June 2024’s average cost of N750.17 per litre.
Regional disparities in fuel prices were also evident in the NBS data, with northern states experiencing the highest increases. Katsina State recorded the steepest average retail price at N950.00 per litre, followed by Jigawa at N903.08 and Benue at N846.95.
In contrast, Kwara, Edo, and Akwa Ibom States had the lowest prices, at ₦650.00, ₦669.75, and N673.75, respectively.
The report further indicated that the North-West Zone had the highest average retail price of ₦820.10 per litre, while the South-South Zone had the lowest at N678.30 per litre.
This surge in petrol prices has exacerbated the already dire fuel scarcity situation, particularly in Lagos and Abuja, where long queues at filling stations have become a common sight.
Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) that efforts are being made to restore normalcy, the situation has deteriorated.
A recent survey by BusinessDay revealed that petrol prices at filling stations have surpassed the figures from last month reported by the NBS, with prices ranging from N617 to as high as N980 per litre. Black market prices have soared even higher, with a 10-litre jerrycan now selling for N10,000.
In response to the crisis, Olufemi Soneye, Chief Corporate Communications Officer of NNPCL, attributed the supply shortages in parts of Lagos and the Federal Capital Territory (FCT) to distribution challenges.
However, as the scarcity continues to grip the nation, the impact on transportation costs and overall economic activity is expected to intensify.
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