The average price of Premium Motor Spirit (PMS), commonly known as petrol, has surged by 223.21 percent, reaching approximately ₦770 per litre in May 2024, compared to ₦238.11 per litre in May 2023.
This significant increase was revealed in the latest report by the National Bureau of Statistics (NBS) titled “Premium Motor Spirit (Petrol) Price Watch for May 2024.”
On a month-on-month basis, the data indicates a 9.75 percent increase from ₦701.24 per litre in April 2024.
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Jigawa State reported the highest petrol price at ₦937.50 per litre, followed closely by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara States recorded the lowest average prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
The North-West Zone had the highest average retail price of petrol at ₦845.26 per litre, while the North Central Zone recorded the lowest average price at ₦695.04 per litre.
The average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 66.29 percent, reaching ₦1403.96 per litre in May 2024, up from ₦844.28 per litre in May 2023. However, on a month-on-month basis, there was a slight decrease of 0.78 percent from ₦1415.06 per litre in April 2024.
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Adamawa State reported the highest diesel price at ₦1709.00 per litre, with Sokoto and Bauchi States following at ₦1675.00 and ₦1657.92 per litre, respectively. Niger State had the lowest diesel price at ₦1140.20 per litre, followed by Kano and Oyo States at ₦1153.33 and ₦1236.92 per litre, respectively.
The North-East Zone reported the highest average diesel price at ₦1605.91 per litre, while the South-West Zone had the lowest average price at ₦1303.60 per litre.
The average retail price per litre of Household Kerosene (HHK) increased to ₦1,450.35 in May 2024, marking a 0.74 percent rise from ₦1,439.64 in April 2024.
These price increases reflect the ongoing challenges in Nigeria’s energy sector, impacting consumers across the country. The disparities in fuel prices across different states and zones highlight the regional economic variances and the complexities of fuel distribution within Nigeria.
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