In a startling revelation, the National Bureau of Statistics (NBS) unveiled a significant spike in petrol prices, reaching an alarming average of N668.30 per litre in January 2024.
This staggering surge, compared to the N257.12 recorded in January 2023, underscores a staggering 159.92% increase within a year, as highlighted in the NBS Petrol Price Watch report released from the nation’s capital, Abuja.
Delving deeper into the data, the report elucidated a slight decrease of 0.53 per cent from the preceding month of December 2023, where the average stood at N671.86.
Regional disparities were notable, with Kebbi emerging as the state burdened with the highest average price at N796.67 per litre, closely followed by Zamfara and Taraba at N771.43 and N704.11, respectively.
In contrast, Kwara, Niger, and Kogi boasted the lowest average prices at N614.90, N624.04, and N626.79, respectively.
Zooming out to the regional level, the North-West zone emerged with the highest average retail price in January 2024, clocking in at N701.60 per litre.
Conversely, the North-Central region fared comparatively better, reporting the lowest average price at N632.86 per litre.
