The National Bureau of Statistics (NBS) has reported a significant increase in the average retail price of petrol in June, with a litre now costing N750.17. This represents a 37.44 percent year-on-year increase from the N545.83 recorded in June last year.
However, compared to the previous month (May 2024), the average retail price decreased by 2.53% from N769.62. The NBS report also revealed that Benue State had the highest average retail price for petrol at N854.55, while Lagos, Kwara, and Ogun States had the lowest average retail prices at N626.94, N650.00, 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. Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has attributed the recent petrol scarcity in parts of Lagos and Abuja to the disruption of ship-to-ship transfer of petrol due to thunderstorms and flooding of trucking routes.