The average price of Premium Motor Spirit (PMS), commonly known as petrol, has skyrocketed by 223.21% to approximately ₦770 per litre in May 2024, compared to ₦238.11 per litre recorded in May 2023.
This increase was highlighted in the latest Premium Motor Spirit (Petrol) Price Watch report released by the National Bureau of Statistics (NBS).
According to the NBS report, petrol prices rose by 9.75% on a month-on-month basis, from ₦701.24 per litre in April 2024 to ₦770 per litre in May 2024.
Among the states, Jigawa recorded the highest average petrol price at ₦937.50 per litre, followed by Ondo and Benue with ₦882.67 per litre and ₦882.22 per litre, respectively.
Conversely, Lagos, Niger, and Kwara states had the lowest average retail prices, at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
In terms of zonal distribution, the North-West Zone experienced the highest average retail price at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.
Diesel Prices Also Climb
The report also noted a substantial increase in the average retail price of Automotive Gas Oil (Diesel), which surged by 66.29% to ₦1403.96 per litre in May 2024 from ₦844.28 per litre in May 2023.
However, on a month-on-month basis, there was a slight decrease of 0.78%, from ₦1415.06 per litre in April 2024.
Adamawa State recorded the highest diesel prices at ₦1709.00 per litre, followed by Sokoto at ₦1675.00 and Bauchi at ₦1657.92.
The lowest diesel prices were observed in Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
The North-East Zone had the highest average diesel price at ₦1605.91 per litre, while the South-West Zone had the lowest at ₦1303.60 per litre.
Kerosene Prices Edge Up
The average retail price per litre of Household Kerosene (HHK) paid by consumers also saw a slight increase. In May 2024, the price rose by 0.74% to ₦1,450.35 per litre from ₦1,439.64 per litre in April 2024.
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