Cheapest States to Buy Petrol as Prices Drop Following Fuel Supply from Local Refineries by Marketers

The National Bureau of Statistics has released its latest report on petrol prices across the country, revealing the states where petrol is sold cheaply.

The report said there was a 7.78% increase in August 2024. However, the increased supply of petrol from local refineries has led to a drop in prices in some states.

The average retail price of a litre of petrol increased to N830.46 in August 2024, representing a 7.78% increase from N770.54 in July 2024. This also marks a 32.51% increase from the N626.70 per litre average price recorded in August 2023.

According to the report, Delta, Cross River, and Edo States had the lowest average retail prices for petrol, at N667.50, N672.00, and N676.25, respectively. Conversely, Benue State had the highest average retail price for petrol, at N941.24, followed by Bauchi and Gombe States, with N935.71 and N925.00, respectively.

The top 10 cheapest states to buy petrol are Kwara, Edo, Akwa Ibom, Abuja, Cross River, Delta, Bayelsa, Rivers, Lagos, and Ogun, with prices ranging from N650.00 to N742.22.

On the other hand, the 10 most expensive states for petrol are Benue, Bauchi, Gombe, Yobe, Jigawa, Taraba, Borno, Imo, Abia, and Zamfara, with prices ranging from N887.69 to N941.24.

The North-East Zone recorded the highest average retail price of N908.21, while the South-South Zone recorded the lowest price of N677.11.

The increased supply of petrol from local refineries, particularly Dangote Refinery, has led to a drop in prices. Marketers such as 11Plc, TotalEnergies, and AA Rano have started lifting petrol from Dangote Refinery through NNPC Trading Limited at a price of N765.99 per litre.