According to the National Bureau of Statistics (NBS), the average pump price of Premium Motor Spirit(Petrol) surged by 28.35% to sell at N770.54 per litre in July 2024 from N600.35 in July 2023.
Also, data from the latest Petrol Price Watch for July 2024 by the NBS showed that the average retail price surged by 2.72% from N750.17 in June 2024.
Analysing state profiles, Katsina State had the highest average retail price for PMS at N950.00. Jigawa and Benue State followed with prices of N903.08 and N846.95, respectively.
In contrast, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for PMS at N650.00, N669.75, and N673.75, respectively.
While the Nigerian National Petroleum Company Limited (NNPCL) sold PMS at N617 per litre, other retailers sold at N700 and above.
Petrol pump price increased from N238 per litre to over N600 after President Bola Ahmed Tinubu removed subsidy on petrol in June 2023.
Although there has been a controversy about the existence of fuel subsidies in Nigeria, the NNPCL stated that it has not paid fuel subsidies in the last nine to ten months.
The firm has also clarified that it is addressing the shortfalls in fuel importation.