The National Bureau of Statistics has announced that the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased by N1189.12 in December 2024.
December petrol price indicated a 76.99%% increase compared to the N671.86 per litre average price in December 2023.
NBS stated this in its latest PMS price watch report published on its website, which was analysed by TimesNow.com.ng.
The report also showed that the average retail petrol price paid in December 2024 was a 2.06% decrease from N1,214.17 paid in November 2024.
The report stated:
Here is a breakdown of the states with the cheapest and most expensive petrol prices in Nigeria for December.
TimesNow.com.ng reported that there are expectations that oil prices could change in the coming days due to rising crude oil prices.
Brent crude, the global benchmark, recently surged to $81 per barrel, driving up the cost of loading petroleum products.
According to Billy Gillis-Harry, President of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN), the pump price of petrol is directly influenced by production costs, making a price hike unavoidable.
He stated:
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
