The average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21 percent to approximately ₦770 per litre in May 2024, up from ₦238.11 per litre in May 2023, according to data from the National Bureau of Statistics (NBS).
The statistics bureau revealed this in its Premium Motor Spirit (Petrol) Price Watch report for May 2024, noting a month-on-month increase of 9.75 percent from ₦701.24 per litre in April 2024.
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.
In contrast, Lagos, Niger, and Kwara States had the lowest average retail prices for petrol at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
Regionally, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest at ₦695.04.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) for consumers rose by 66.29 percent to ₦1403.96 per litre in May 2024, up from ₦844.28 per litre in May 2023.
On a month-on-month basis, the price of diesel decreased by 0.78 percent from ₦1415.06 per litre in April 2024.
The report stated “ Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (₦1153.33) and Oyo State (₦1236.92).
The regional breakdown of the average diesel price reveals that the North-East Zone commands the highest price at ₦1605.91, while the South West Zone boasts the lowest price at ₦1303.60 compared to other zones.
Meanwhile, the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 stood at ₦1,450.35, indicating a 0.74 percent increase compared to ₦1,439.64 recorded in April 2024.