In May 2024, the average price of Premium Motor Spirit (PMS), generally known as petrol, increased by 223.21% to around ₦770 per litre, up from ₦238.11 per litre in the same period in 2023.
The National Bureau of Statistics announced this in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024.
According to the report, the monthly price for petrol increased by 9.75% from ₦701.24 per litre in April 2024.
Jigawa State led the price list at ₦937.50 per litre, followed by Ondo and Benue States at N882.67 and ₦882.22 per litre, respectively.
Lagos, Niger, and Kwara states had the lowest average retail prices for the commodity, at ₦636.80, ₦642.16, and N645.15, respectively, according to the NBS report.
The North West Zone had the highest average retail price of ₦845.26, followed by the North Central Zone with the lowest price of ₦695.04.
In May 2024, the average retail price of automotive gas oil (diesel) grew by 66.29 percent to 1403.96 per litre, up from 844.28 in May 2023.
On a monthly basis, there was a 0.78 percent decline from ₦1415.06 per litre in April 2024.
The report stated, “Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92).
Furthermore, the top three lowest prices for petrol were recorded in the following states: Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
“The zonal representation of the average price of diesel showed that the North-East Zone has the highest price of ₦1605.91 while the South West Zone has the lowest price of ₦1303.60 when compared with other zones.
“This comes as the average retail price per litre of household kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 percent when compared to ₦1,439.64 recorded in April 2024,” The NBS report stated.
