Lagos, Oyo, Ogun leading list of cheapest states to buy petrol in Nigeria

• The National Bureau of Statistics has revealed that the average petrol price has risen again
• Once again, the price for a liter of petrol sold across the country at an average price of over N630
• According to the NBS report, the cheapest petrol price was recorded in the western states, while the north paid more

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism with in-depth knowledge of the Nigerian economy, equities and general market trends.

The National Bureau of Statistics says the average retail price of a liter of Premium Motor Spirit, popularly known as petrol, stood at N696.79 in April 2024.

This represents an increase of 163.65%% compared to the average price of N264.29 per liter recorded in March 2023.

NBS states this in its latest PMS price watch report, which is published on its website and obtained by Legit.ng.

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The report also showed that compared to the average price of N679.36 in February 2024, Nigerian motorists paid 2.56% more on a monthly basis.

Gasoline prices vary by state

Furthermore, NBS provided an overview of the state analysis, which revealed that Taraba State had the highest average retail price for Premium Motor Spirit (petrol), at N761.92, followed by Yobe and Adamawa States, with N749.09 and N735.00. respectively.

On the other hand, 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 the zonal profile, the North East Zone had the highest average selling price of €732.37, while the South West Zone had the lowest price of €654.24, Punch reports.

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List of 10 states with the cheapest gasoline price per liter in April 2024

• Lagos N630.75
• Oyo N645.88
• Ogun N651.25
• Nigeria N657.15
• Ekiti N661.56
• Plateau N662.27
• Ondo N663.85
• Kwara N665.68
• Osun N672.14
• Kaduna N683.93

Dangote refinery crashes diesel price

Earlier, Legit.ng reported that the pump price of diesel has fallen from N1,700 per liter, which it sold a few weeks ago, to about N1,350 per liter in some locations in Nigeria, following the sale of the product by Dangote Petroleum Refinery.

Findings show that the $20 billion, 650,000 barrels per day refinery began pumping diesel to the domestic market on Wednesday, March 27, 2023.

Since the company started selling diesel, the company reportedly sold at least one million gallons from the refinery to every registered marketer.

Source: Legit.ng