The average price of Premium Motor Spirit, commonly known as petrol, has surged by 176.02% in April on a year-on-year basis, as soaring inflation continues to impact Nigerians.
This information was revealed by the National Bureau of Statistics in its Petrol Price Watch report for April.
According to the report, the average price of petrol in April 2024 was N701.24 per litre, up from N255.06 per litre in the same month last year.
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The report also indicated a monthly price increase of 0.64%, with petrol prices rising to N701.24 per litre in April 2024 from N696.79 per litre in March 2024.
The states with the highest petrol prices per litre were Kogi (N997.78), Nasarawa (N778.89), and Zamfara (N754.29), while Lagos (N602.55), Niger (N633.75), and Ogun (N647.14) had the lowest prices.
This increase has also led to a tripling of food, goods, and service prices nationwide. In April 2024, headline inflation and food inflation rates rose to 33.69% and 40.53%, respectively, compared to 22.22% and 24.61% in the previous year, exacerbating economic hardship for Nigerians.
