The national average retail price of Premium Motor Spirit (PMS), commonly known as petrol, rose by 223.21 percent year-on-year to N769.62 per litre in May 2024, up from N238.11 per litre in May 2023.
On a month-on-month basis, prices increased by 9.75 percent from N701.24 per litre in April 2024.
This information comes from the National Bureau of Statistics (NBS) in its report on Premium Motor Spirit (Petrol) Price Watch for May 2024. The report highlighted that Jigawa State had the highest price at N937.50 per litre, followed by Ondo State at N882.67 per litre, and Benue State at N882.22 per litre. Conversely, Lagos, Niger, and Kwara States recorded the lowest average prices at N636.80, N642.16, and N645.15 per litre, respectively.
Regionally, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest at N695.04.
In addition, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 percent to N1,403.96 per litre in May 2024, compared to N844.28 per litre in May 2023. On a month-to-month basis, there was a slight decrease of 0.78 percent from N1,415.06 per litre in April 2024.
The report detailed state-specific prices, with the highest average diesel prices found in Adamawa State (N1,709.00), Sokoto State (N1,675.00), and Bauchi State (N1,657.92). The lowest prices were in Niger State (N1,140.20), Kano State (N1,153.33), and Oyo State (N1,236.92).
Regionally, the North-East Zone had the highest average price of N1,605.91, while the South West Zone had the lowest at N1,303.60.
Additionally, the average retail price per litre of Household Kerosene (HHK) was N1,450.35 in May 2024, reflecting a 0.74 percent increase from N1,439.64 in April 2024.
