Petrol Prices Skyrocket By 176% In April Amid Soaring Inflation In Nigeria

The average price of Premium Motor Spirit, commonly known as petrol, surged by 176.02% in April compared to the previous year, as soaring inflation continues to impact Nigerians.

The National Bureau of Statistics revealed this data in its Petrol Price Watch report for April.

According to the report, Nigerians paid an average of N701.24 per litre for petrol in April 2024, a significant increase from N255.06 in April 2023.

The report also noted a monthly price increase of 0.64%, with petrol selling at N696.79 per litre in March 2024. The highest petrol prices were recorded in Kogi (N997.78), Nasarawa (N778.89), and Zamfara (N754.29). In contrast, Lagos (N602.55), Niger (N633.75), and Ogun (N647.14) had the lowest prices per litre.

This sharp rise in petrol prices is attributed to the removal of the fuel subsidy by President Bola Ahmed Tinubu’s administration in June last year. On May 29, Tinubu’s declaration that “fuel subsidy is gone” led to an immediate price jump from N260 per litre to over N600.

The removal of the subsidy has also caused a significant increase in the prices of food, goods, and services across the nation.

Consequently, the latest headline and food inflation rates surged to 33.69% and 40.53%, respectively, in April 2024, compared to 22.22% and 24.61% in the same period year, exacerbating economic hardships for Nigerians.

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