Fact Check

Petrol Prices Surge by 87% in One Year, Diesel Follows Suit — NBS

Kehinde Fajobi

The National Bureau of Statistics (NBS) has reported a significant increase in fuel prices, with the average retail price of petrol rising from ₦648.93 in November 2023 to ₦1,214.17 in November 2024.

In its Petrol Price Watch for November 2024, released on Thursday, the NBS stated that this marks an 87.10% year-on-year hike. Compared to October 2024, the petrol price rose by 2.48% from ₦1,184.83.

Benue recorded the highest average price at ₦1,365.16 per litre, followed by Borno (₦1,331.94) and Adamawa (₦1,319.85). Conversely, Lagos (₦1,092.79), Katsina (₦1,121.25), and Kano (₦1,152.86) had the lowest prices.

By region, the South-East reported the highest petrol prices at ₦1,257.72 per litre, while the South-West recorded the lowest at ₦1,153.94.

The Diesel Price Watch for November 2024 showed a similar trend, with the average diesel price climbing to ₦1,446.83 per litre, up 37.07% from ₦1,055.57 in November 2023. Month-on-month, diesel prices rose by 0.38% from ₦1,441.28 in October 2024.

Bauchi had the highest diesel price at ₦2,232.04 per litre, followed by Borno (₦1,770.59) and Bauchi again at ₦1,751.15. Oyo (₦1,250.71), Ogun (₦1,258.08), and Lagos (₦1,262.38) recorded the lowest prices.

Regionally, the North-East had the highest diesel prices, averaging ₦1,676.11 per litre, while the South-West had the lowest at ₦1,303.61 per litre.

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