Petrol price rose to 223%, sold at ₦770 per litre in May – NBS

Premium Motor Spirit (PMS), commonly referred to as petrol, saw an increase in average price of 223.21% from 238.11 per litre in May 2023 to roughly 770 per litre in May 2024.

This was disclosed in the Premium Motor Spirit (Petrol) Price Watch for May 2024 report by the National Bureau of Statistics.

According to the report, there was a 9.75% monthly increase from ₦701.24 per litre in April 2024.

Jigawa State led the price chart, according to the report, with ₦937.50 per litre. Ondo and Benue States came in second and third, with ₦882.67 and ₦882.22 per litre, respectively.

According to the NBS report, the states of Lagos, Niger, and Kwara had the lowest average retail prices for the product, at ₦636.80, ₦642.16, and N645.15, respectively.

The North Central Zone had the lowest average retail price of ₦695.04 on the zonal profile, while the North West Zone had the highest average retail price of ₦845.26).

In the meantime, consumers paid 66.29 percent more on average for Automotive Gas Oil (Diesel) at retail in May 2024, up from 844.28 per litre in May 2023.

A drop of 0.78 percent was observed on a month-over-month, MoM basis from 1415.06 per litre in April 2024.

According to the report, "Considering the variations in state prices, Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92) are the top three states with the highest average price of the product in May 2024." Moreover, the following three states had the lowest prices: Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).

When compared to other zones, the North-East Zone has the highest average price of ₦1605.91, while the South West Zone has the lowest price of ₦1303.60, according to the zonal representation of the average price of diesel.

This is in light of the fact that, in May 2024, consumers paid an average retail price of 1,450.35 per litre for Household Kerosene (HHK), an increase of 0.74 percent over 1,439.64 recorded in April 2024.