The average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21% to around ₦770 per litre in May 2024, up from ₦238.11 per litre in the same period in 2023.
This was reported in the National Bureau of Statistics’ document, “Premium Motor Spirit (Petrol) Price Watch for May 2024.”
The report indicated a 9.75% month-on-month increase from ₦701.24 per litre in April 2024.
According to the report, Jigawa State recorded the highest 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 reported the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
Regionally, the North West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
Meanwhile, the average price of Automotive Gas Oil (Diesel) paid by consumers rose by 66.29% to ₦1403.96 per litre in May 2024, compared to ₦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.
The report also stated, “The top three states with the highest average price of diesel in May 2024 were Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92). The lowest prices were in Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
“Regionally, the North-East Zone had 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) paid by consumers in May 2024 was ₦1,450.35, reflecting a 0.74% increase from ₦1,439.64 in April 2024.”
Comments are closed.