PETROL RISES 157%, DIESEL 50%, LPG 46% IN ONE YEAR AS ENERGY PRICES EXTEND SURGE

Following in the same pattern with other fuels, the lowest average price was recorded in Bauchi with N13,167.50, followed by Katsina and Yobe with N13,562.50 and N13,610.00 respectively.

But on zonal basis, the South-east recorded the highest average retail price for refilling a 12.5kg cylinder, with N15,954.60, followed by the South-south with N15,943.40, while the North-east recorded the lowest price with N14,035.88.

Also in February, the average retail price paid by consumers for petrol was N679.36, indicating a 157.57 per cent increase when compared to the value recorded in February 2023, which was N263.76, but rose 1.66 per cent from N668.30 on a monthly basis.

Unlike other products, Zamfara state had the highest average retail price for petrol at N750.43, while Kebbi and Taraba states were next, with N746.67 and N710.56, respectively.

On the other hand, Kwara, Ogun and Benue states had the lowest average retail prices for the product at N650.00, 650.83 and 652.73 respectively.

The North-west zone had the highest average retail price of N701.20, while the South-west zone had the lowest price of

N657.20, aligning with the trend in the past, due to its nearness to Lagos port.

Kerosene, which has long moved beyond the reach of the poor in Nigeria, sold for an average retail price per litre of N1,340.94, m-o-m, showing an increase of 0.86 per cent, compared to N1,329.53 recorded in January 2024.

But y-o-y, the average retail price per litre of the product rose by 14.23 per cent from N1,173.89 in February 2023, while on state profile analysis, the highest average price per litre in February 2024 was recorded in Kaduna with N1,866.67, followed by Benue with N1,769.67 and Niger with N1,710.89.