The average price of Premium Motor Spirit, also known as petrol, has increased by 223.21 percent, reaching approximately ₦770 per litre in May 2024.
This is a significant rise from ₦238.11 per litre in May 2023, according to the National Bureau of Statistics.
The NBS released this information in its “Premium Motor Spirit (Petrol) Price Watch” report for May 2024. It also noted that there was a 9.75 percent increase in petrol prices from ₦701.24 per litre in April 2024.
The report highlighted that Jigawa State had the highest petrol price at ₦937.50 per litre. Ondo State followed with ₦882.67 per litre, and Benue State had ₦882.22 per litre. On the other hand, Lagos State had the lowest average retail price at ₦636.80 per litre, followed by Niger State at ₦642.16 per litre, and Kwara State at ₦645.15 per litre.
Regionally, the North-West Zone recorded the highest average retail price of ₦845.26 per litre, while the North Central Zone had the lowest price at ₦695.04 per litre.
The report also covered the price of Automotive Gas Oil (Diesel), which saw a 66.29 percent increase to ₦1403.96 per litre in May 2024, up from ₦844.28 per litre in May 2023. However, there was a slight decrease of 0.78 percent from ₦1415.06 per litre in April 2024.
In May 2024, Adamawa State had the highest average diesel price at ₦1709.00 per litre, followed by Sokoto State at ₦1675.00 per litre and Bauchi State at ₦1657.92 per litre. The lowest prices were found in Niger State at ₦1140.20 per litre, Kano State at ₦1153.33 per litre, and Oyo State at ₦1236.92 per litre.
Regionally, the North-East Zone had the highest average diesel price at ₦1605.91 per litre, while the South West Zone had the lowest price at ₦1303.60 per litre.
Additionally, the average price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, marking a 0.74 percent increase from ₦1,439.64 in April 2024.
