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Petrol Price Soars to #770 Per/Lit., Marking a 223% Increase —NBS

In May 2024, the average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21%, reaching approximately ₦770 per litre from ₦238.11 per litre in the same period of 2023, according to data released by the National Bureau of Statistics (NBS).

The NBS report, titled “Premium Motor Spirit (Petrol) Price Watch for May 2024,” also noted a month-on-month increase of 9.75%, up from ₦701.24 per litre in April 2024.

Jigawa State topped the price list at ₦937.50 per litre, followed closely by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara states reported the lowest average retail prices for petrol at ₦636.80, ₦642.16, and ₦645.15, respectively, according to the NBS findings.

Regionally, the North-West Zone recorded the highest average retail price for petrol at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) experienced a 66.29% increase to ₦1403.96 per litre in May 2024 from ₦844.28 per litre in May 2023. On a month-on-month basis, diesel prices decreased by 0.78% from ₦1415.06 per litre in April 2024.

The report also highlighted significant variations in diesel prices across states, with Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi State (₦1657.92) recording the highest average prices, while Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92) reported the lowest.

Regionally, the North-East Zone had the highest average diesel price at ₦1605.91 per litre, whereas the South-West Zone recorded the lowest at ₦1303.60 per litre compared to other zones.


Additionally, the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, marking a 0.74% increase from ₦1,439.64 recorded in April 2024.

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Segun Akinlabi

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