The Nigeria Bureau of Statistics reported a significant rise in the price of Premium Motor Spirit, commonly known as petrol, across various states in the country.
This information was contained in NBS July’s Petrol Price Watch, noting the average retail price for petrol in July 2024 was N770.54, marking a 28.35% increase from the N600.35 recorded in July 2023.
This surge follows the Federal Government’s removal of the fuel subsidy, a move that has led to substantial increases in fuel costs nationwide.
The NBS’s July Petrol Price Watch highlighted the disparities in petrol prices, reflecting the economic impact of this policy shift.
According to the report, the highest recorded price of petrol stood at a staggering N950 per liter in Katsina State.
This is a sharp increase compared to the average prices recorded before the subsidy removal. Katsina’s petrol prices were notably the highest across the country, underscoring the regional variations in fuel costs that have emerged since the policy change.
Jigawa and Benue States followed closely behind Katsina, with prices reaching N903.08 and N846.95 per liter, respectively.
These figures indicated a significant burden on residents in these areas, where fuel costs have nearly quadrupled in the span of just over a year.
The increase in these states exemplifies the broader trend of rising fuel prices that is affecting consumers across Nigeria.
In contrast, some states experienced lower petrol prices, though they remain significantly higher than the pre-subsidy removal levels. Kwara, Edo, and Akwa Ibom States reported the lowest average retail prices for petrol, with Kwara at N650.00 per liter, Edo at N669.75, and Akwa Ibom at N673.75 per liter.
These states, while benefiting from slightly lower prices, still face the challenge of adapting to the new economic reality.
On a national scale, the NBS reported that the average price of petrol in July 2024 was N770.54 per liter.
This figure represents a dramatic increase from the N238 per liter recorded in May 2023, prior to the subsidy removal.
The average price serves as a stark indicator of the widespread impact of the Federal Government’s policy, affecting both urban and rural populations.
The removal of the fuel subsidy has sparked significant debate and concern among Nigerians, as the rising cost of petrol has led to increased living expenses.
For many, the price hike is an unwelcome development, straining household budgets and increasing the cost of transportation and goods.
The government’s decision, while aimed at reducing the fiscal burden, has left many citizens grappling with the immediate economic repercussions.
Economists and analysts have pointed out that while the removal of the subsidy was necessary to stabilize the nation’s economy, the timing and implementation have posed challenges.
The lack of adequate cushioning measures has led to widespread discontent and calls for the government to provide relief for those most affected by the price hikes.
The disparity in fuel prices across states further complicates the situation, as regions with higher costs face more severe economic pressures.
As Nigeria continues to navigate the consequences of this policy change, the July 2024 Petrol Price Watch serves as a critical indicator of the evolving economic landscape.
The report highlighted the need for strategic interventions to manage the impact on consumers and ensure that the benefits of subsidy removal are eventually realized without disproportionately burdening the populace.
