Data released by the National Bureau of Statistics (NBS) for December 2024 shows that the average retail price of Premium Motor Spirit (petrol) was N1,189.12 per litre, a 76.99% year-on-year (YoY) increase from the N671.86 per litre recorded in December 2023.
On a month-on-month (MoM) basis, the average price slightly declined by 2.06%, down from N1,214.17 per litre in November 2024.
A state-by-state analysis showed that Taraba State had the highest average retail price at N1,307.05, followed closely by Adamawa and Delta States, which reported average prices of N1,301.33 and N1,282.71.
On the other end of the spectrum, Oyo State recorded the lowest average price at N1,100.75, then Abuja, the capital territory, showed relatively low pricing with an average of N1,102.25, while Ogun State trailed slightly behind at N1,106.07.
Regionally, the North-East Zone reported the highest average price at N1,245.90, while the South-West Zone exhibited the lowest regional average reported at N1,116.00 (see dashboard below).
As we expect the release of January 2025 data, analysts see a potential rise in petrol prices driven by the continued depreciation of the local currency against the dollar, which is expected to affect both the pricing of petrol supplied by Dangote and the landing costs of imported petrol, further straining domestic fuel prices.
However, on the global stage, the anticipated policy direction of the incoming Donald Trump administration in the United States is expected to adopt a production growth stance.
This could create a lower price situation in the international oil market, reducing crude oil prices and relieving import-dependent nations.
