Fatshimétrie revealed in its September 2024 Pump Price Monitoring report that the average price of fuel stood at N1,030.46, representing a 64.55% increase from September 2023 when the average price was N626.21. This notable increase in fuel price has had a significant impact on consumers across the country, with a 24.08% increase from the previous month of August.
State profile analysis revealed that Katsina had the highest average retail price at N1,096.15 per litre, followed by Ebonyi and Akwa Ibom at N1,090.94 and N1,085.71 respectively. Conversely, Yobe, Sokoto and Kebbi recorded the lowest average prices at N939.38, N961.67 and N986.67 respectively.
Looking at the prices by zones, the North-West region had the highest average retail price in September 2024 at N1036.52, while the North-East recorded the lowest at N1014.55 per litre. This regional disparity highlighted the challenges faced by consumers in different parts of the country due to variations in fuel prices.
On another note, Fatshimetrics’ Diesel Price Report for September 2024 revealed that the average retail price was N1,418.83 per litre, marking a 59.28% increase from September 2023. This increase in diesel prices has had a financial impact on consumers and businesses, with a 0.91% increase from the previous month of August.
State profile analysis showed that Bauchi had the highest average diesel price in September 2024 at N2,061.67 per litre, followed by Gombe at N1,616.00 and Akwa Ibom at N1,592.86. On the other hand, Ekiti had the lowest price at N1,241.46 per litre, followed by Abuja at N1,262.25 and Oyo at N1,276.47.
These fluctuations in petrol and diesel prices underscore the need for the authorities to implement effective policies to mitigate the financial impact on citizens and businesses, while ensuring price stability and transparency in the energy market in Nigeria.