The average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21% to approximately ₦770 per litre in May 2024, compared to ₦238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS).
In its report, “Premium Motor Spirit (Petrol) Price Watch for May 2024,” the NBS highlighted a month-on-month increase of 9.75% from ₦701.24 per litre in April 2024.
Jigawa State recorded the highest petrol price at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara states had the lowest average prices, with Lagos at ₦636.80, Niger at ₦642.16, and Kwara at ₦645.15 per litre.
Regionally, the North West Zone reported the highest average price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
The report also noted a significant increase in the price of Automotive Gas Oil (Diesel). The average retail price rose by 66.29% to ₦1403.96 per litre in May 2024 from ₦844.28 per litre in May 2023, despite a slight month-on-month decrease of 0.78% from ₦1415.06 per litre in April 2024.
Adamawa State had 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 in Niger State at ₦1140.20, Kano at ₦1153.33, and Oyo at ₦1236.92 per litre. The North-East Zone recorded the highest average diesel price at ₦1605.91, while the South West Zone had the lowest at ₦1303.60.
Additionally, the average retail price of Household Kerosene (HHK) was ₦1,450.35 per litre in May 2024, a slight increase of 0.74% from ₦1,439.64 in April 2024.
