The National Bureau of Statistics (NBS) has reported a significant increase in Premium Motor Spirit’s (PMS) national average retail price, commonly known as petrol. In May 2024, the price rose by 223.21% year-on-year, reaching N769.62 per litre, compared to N238.11 per litre in 2023. The price increased by 9.75% month-on-month, up from N701.24 per litre in April 2024.

The NBS report, titled “Premium Motor Spirit (Petrol) Price Watch for May 2024,” highlighted that Jigawa State had the highest price at N937.50 per litre. This was followed by Ondo and Benue States, where prices were N882.67 and N882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara States recorded the lowest average retail prices at N636.80, N642.16, and N645.15 per litre, respectively.

Analyzing the data by region, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest average price of N695.04.

Additionally, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29% to N1403.96 per litre in May 2024, up from N844.28 per litre in May 2023. However, on a month-on-month basis, there was a slight decrease of 0.78% from N1415.06 per litre in April 2024.

The report detailed the state-by-state variations in diesel prices. Adamawa State recorded the highest average price at N1709.00 per litre, followed by Sokoto State at N1675.00 per litre and Bauchi at N1657.92 per litre. The lowest prices were observed in Niger State (N1140.20), Kano State (N1153.33), and Oyo State (N1236.92).

The zonal representation of diesel prices showed that the North-East Zone had the highest average price at N1605.91, while the South West Zone had the lowest price at N1303.60.

Furthermore, the average retail price per litre of Household Kerosene (HHK) increased by 0.74% to N1,450.35 in May 2024, up from N1,439.64 in April 2024.