NBS: Jigawa, Benue residents paid above N800 for a litre of petrol in July

The National Bureau of Statistics (NBS) says residents of Jigawa, Kastina, and Benue states paid the highest amount for premium motor spirit (PMS), better known as petrol, in July 2024.

The NBS, in its petrol price watch for July 2024, released on Monday, said the average price paid by consumers increased to N770.54 per litre.

This, the bureau said, is 28.35 percent higher when compared to N600.35 recorded in July 2023.

“Likewise, comparing the average price value with the previous month (.i.e. June 2024), the average retail price increased by 2.72% from N750.17,” NBS said.

On state profile analysis, the bureau said the highest average retail price for petrol was recorded in Kastina at N950, followed by Jigawa at N903.08, and Benue at N846.95.

The statistics body said the lowest price was recorded in Kwara state at N650, followed by Edo (N669.75) and Akwa Ibom (N673.75).

The NBS said analysis by zone showed that the north-west had the highest average retail price at N820.10, while the south-south zone recorded the lowest price at N678.30.

On Monday, TheCable reported that President Bola Tinubu approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy.

The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment NNPC’s cash flow, according to presidency sources.

In addition, the national oil company told the president it will be unable to remit taxes and royalties to the federation account for now because of the subsidy payments, which it termed “subsidy shortfall/FX differential”.