The average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2024, increased astronomically to about ₦937 per litre in the Northern part of the country, according to the latest report of the National Bureau of Statistics (NBS).
The report, titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, highlighted that consumers in Jigawa State paid the highest price of ₦937.50 for petrol, reflecting a continuous increase since President Bola Tinubu removed the petrol subsidy on May 29, 2023.
The report also noted that the national average price for petrol in May 2024 was ₦769.62, representing a 223.21 percent increase from ₦238.11 in May 2023. Compared to April 2024, the average price rose by 9.75 percent from ₦701.24.
In terms of state-by-state analysis, Jigawa State had the highest average retail price at ₦937.50, followed by Ondo and Benue States at ₦882.67 and ₦882.22, respectively.
Conversely, Lagos, Niger, and Kwara States recorded the lowest average prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
On a zonal level, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
Following the removal of petrol subsidies, the inflation rate spiked to 33.95 percent as of May 2024, with food inflation reaching 40 percent, according to NBS.
The NBS report on pump prices nearing ₦1,000 per litre in the north coincides with the Nigerian National Petroleum Company Limited (NNPCL) stating that it would not increase petrol prices at its retail outlets across the country.
NNPCL currently sells petrol at around ₦568 per litre, up from ₦238 in May 2023, according to the NBS.