The prices of key fuels, especially Premium Motor Spirit (PMS) or petrol and Automotive Gas Oil (AGO), also known as diesel, continued to rise in June, with Benue, Niger, Jigawa and Cross River recording the highest prices in the country.

This is according to latest data from the National Bureau of Statistics (NBS), which revealed that the highest average price of petrol in June 2024 was recorded in Niger State (N1979.23), Cross River State (N1920.86), and Taraba (N1742.46).

Also, the highest prices of diesel emerged in Benue which sold the product for N864.55 per litre, followed by Jigawa and Rivers states with N847 per litre and N810 per litre respectively.

In all, the average price of diesel was N1,462.98 per litre in June, representing an increase of 4.20 per cent compared to N1,403.96 reported in May.

“The average retail price of automotive gas oil (diesel) paid by consumers increased by 79.32 per cent on a year-on-year basis from a lower cost of N815.83 per litre recorded in the corresponding month of last year (i.e., June 2023) to a higher cost of N1462.98 per litre in June 2024.

“On a month-on-month basis, an increase of 4.20 per cent was recorded from N1403.96 in the preceding month of May 2024 to an average of N1462.98 in June 2024.

“Looking at the variations in the state prices, the top three states with the highest average price of the product in June 2024 include Niger State (N1979.23), Cross River State (N1920.86), and Taraba (N1742.46),” the NBS stated.

Nigeria’s inflation has for months continued to rise. Driven by a threefold increase in electricity tariffs and higher transport costs as well as a devaluation of the country’s currency by the federal government.

“Furthermore, the top three lowest prices were recorded in the following states namely, Lagos state (N1210.77), Ogun state (N1239.17), and Abuja (N1240.00),” the bureau added.

Based on zonal representation, the bureau said the North-east zone had the highest average diesel price of N1,659.07; while the South-west zone had the lowest price of N1,280.54.

On the pricing of petrol in June, the NBS data showed that the average pump price of petrol rose to N750/litre last month, even as Benue state had the highest price at N864.55 per litre, followed by Jigawa and Rivers states with N847 per litre and N810 per litre respectively.

However, Lagos, Kwara, and Ogun states had the lowest retail prices for petrol at N626.94, N650 and N670.63 respectively.

The South-south zone had the highest average retail price of N794.64, while the South-west zone had the lowest price of N696.42.

The national average retail price for petrol increased by 37.44 per cent year-on-year to N750.17 per litre in June 2024 from N545.83 per litre in June 2023, the data stated.

On a month-on-month basis, the average retail price decreased by 2.53 per cent from N769.62 per litre in May 2024.

“The average retail price paid by consumers for petrol for the month of June 2024 was N750.17, indicating a 37.44 per cent increase when compared to the value recorded in June 2023 (N545.83).

“ Likewise, comparing the average price value with the previous month (.i.e. May 2024), the average retail price decreased by 2.53 per cent from N769.62.

“On State profile analysis, Benue State had the highest average retail price for petrol at N854.55, Jigawa and Rivers States were next, with N847.00 and N810.00, respectively.

“On the other side, Lagos, Kwara, and Ogun States had the lowest average retail prices for petrol, at N626.94, N650.00, and N670.63 respectively. Lastly, on the zonal profile, the South-south zone had the highest average retail price of N794.64, while the South-west Zone had the lowest price of N696.42,” it added.

Nigeria’s inflation has been climbing for months, driven by a threefold increase in electricity tariffs and higher transport costs as well as the devaluation of the local currency, the Naira.

In June this year, the NBS reported that all measures of inflation rate rose in June 2024, although at a slower pace, with headline inflation increasing to 34.2 per cent in June 2024 from 22.8 percent in June 2023 and 34.0 percent in May 2024.

The rising prices of major fuels in the country have been further worsened by the massive importation of products, since at the moment Nigeria is not refining most of its fuel demand. (THISDAY)

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