The Pump Price Of Fuel Rose By 159.92% In One Year – NBS

The National Bureau of Statistics (NBS) has revealed that the pump price of fuel rose by 159.92 percent from N257.12 per liter in January 2023 to N668.30 in January 2024.

Announcing the development in its latest Premium Motor Spirit (Petrol) Price Watch report released for January 2024, the statistics bureau revealed that on a monthly basis, the price of fuel reduced bu 0.53 per cent from N671.86 in December 2023 to N668.30 in January 2024.

Naija News recalls that President Bola Tinubu quickly abolished fuel subsidies upon taking office, resulting in an astronomical spike in pump prices from approximately N189 per litre to more than N640 per litre which it currently sells.

The NBS report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for January 2024 was N668.30, indicating a 159.92% increase when compared to the value recorded in January 2023 (N257.12). Likewise, comparing the average price value with the previous month (i.e. December 2023), the average retail price decreased by 0.53% from N671.86.

“On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol) at N796.67, Zamfara and Taraba States were next, with N771.43 and N704.11, respectively. On the other side, Kwara, Niger and Kogi States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N614.90, 624.04 and 626.79 respectively. Lastly, on the Zonal profile, the North West Zone had the highest average retail price of N701.60, while the North Central Zone had the lowest price of N632.86.”