EKO HOT BLOG reports that President Bola Tinubu’s decision to end the fuel subsidy regime in May 2023 led to an immediate rise in petrol prices nationwide.
This platform recalls Tinubu’s inauguration speech last year, where he announced the subsidy removal, causing fuel prices to surge and subsequent inflation as food and commodity prices soared.
The National Bureau of Statistics (NBS) released its latest PMS (Premium Motor Spirit) price watch in Abuja, revealing a staggering 157% increase in the average retail price of fuel within a year. According to the NBS report, fuel prices spiked from N263.76 in February 2023 to N679.36 in February 2024, marking a 157.57% hike.
The report highlights Zamfara State with the highest petrol price at an average of N750.43 per litre, while Kwara State enjoys the lowest rate at N650 per litre.
The report said: “Likewise, comparing the average price value with the previous month (.i.e. January 2024), the average retail price also increased by 1.66 percent from N668.30.” “On the zonal profile, 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.
“On state profile analysis, Zamfara State had the highest average retail price of fuel, at N750.43, while Kebbi and Taraba States were next, with N746.67 and N710.56, respectively. “Kwara, Ogun and Benue states had the lowest average retail prices for fuel at N650.00, 650.83 and 652.73, respectively.
States with the highest average prices:
Zamfara – N750.67
Kebbi – N746.67
Taraba – N710.56
States with the lowest average prices:
Kwara – N650
Ogun – N650.83
Benue – 652.73
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