In May 2024, the average price of Premium Motor Spirit (PMS), generally known as petrol, increased by 223.21% to about ₦770 per litre, up from ₦238.11 per litre in the same time of 2023, according to data from the National Bureau of Statistics (NBS).
According to the statistics bureau’s report, Premium Motor Spirit (Petrol) Price Watch for May 2024, petrol prices increased by 9.75% from ₦701.24 per litre in April 2024.
According to the study, Jigawa State led the price list at ₦937.50 per liter, followed by Ondo and Benue States at N882.67 and ₦882.22 per litre, respectively.
Lagos, Niger, and Kwara states had the lowest average retail prices for the commodity, at ₦636.80, ₦642.16, and N645.15, respectively, according to the NBS report.
The North-West Zone had the highest average retail price of ₦845.26, followed by the North Central Zone with the lowest price of ₦695.04.
In May 2024, the average retail price of Automotive Gas Oil (Diesel) grew by 66.29 per cent to ₦1403.96 per litre, up from ₦844.28 in May 2023.
On a monthly basis, there was a 0.78 percent decline from ₦1415.06 per litre in April 2024.
According to the research, the three states with the highest average product prices in May 2024 are Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92). The three states with the lowest costs were Niger (₦1140.20), Kano (₦1153.33), and Oyo (₦1236.92).
The North-East Zone has the highest average diesel price of ₦1605.91, while the South West Zone has the lowest price of ₦1303.60 compared to other zones.
In May 2024, consumers paid an average retail price of ₦1,450.35 per litre of Household Kerosene (HHK), a 0.74 percent increase from ₦1,439.64 in April.
