The average price of Premium Motor Spirit, also known as petrol, surged 223.21 per cent, reaching about ₦770 per litre in May 2024.
This figure is a significant rise from ₦238.11 per litre recorded in May 2023, according to the National Bureau of Statistics.
This was disclosed by NBS in its May 2024 “Premium Motor Spirit (Petrol) Price Watch” report, adding that the price of gasoline increased by 9.75 per cent from ₦701.24 per litre in April 2024.
According to the report, Jigawa State had the highest gas prices, at ₦937.50 per liter, followed by Ondo State with ₦882.67 and Benue State with ₦882.22 per litre.
Meanwhile, Lagos State had the lowest average retail price at ₦636.80 per litre, coming in second with ₦642.16 per litre in Niger State, and Kwara State at ₦645.15 per litre.
Regionally, the North-West Zone recorded the highest average retail price of ₦845.26 per litre, while the North Central Zone had the lowest price at ₦695.04 per litre.
The report also highlighted the price of Automotive Gas Oil (Diesel), which witnessed a 66.29 per cent increase to ₦1403.96 per litre in May 2024, compared to ₦844.28 per litre recorded in May 2023. However, there was a slight decrease of 0.78 percent from ₦1415.06 per litre in April 2024.
In May 2024, Adamawa State had the highest average diesel price at ₦1709.00 per litre, followed by Sokoto State at ₦1675.00 per litre and Bauchi State at ₦1657.92 per litre. The lowest prices were found in Niger State at ₦1140.20 per litre, Kano State at ₦1153.33 per litre, and Oyo State at ₦1236.92 per litre.
Regionally, the North-East Zone had the highest average diesel price at ₦1605.91 per litre, while the South West Zone had the lowest price at ₦1303.60 per litre.
Furthermore, consumers paid an average of ₦1,450.35 per litre for Household Kerosene (HHK) in May 2024, up 0.74 per cent from ₦1,439.64 in April 2024.
