Petrol Prices Surge by 223% to ₦770 per Litre in May 2024, Reports National Bureau of Statistics
Abuja, June 20, 2024** – The average price of Premium Motor Spirit (PMS), commonly known as petrol, has skyrocketed by 223.21% to approximately ₦770 per litre in May 2024, compared to ₦238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS).
In its latest report, "Premium Motor Spirit (Petrol) Price Watch for May 2024," the NBS highlighted a month-on-month increase of 9.75%, up from ₦701.24 per litre in April 2024.
Jigawa State recorded the highest petrol prices at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara States reported the lowest average prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
Regionally, the North West Zone had the highest average retail price at ₦845.26 per litre, while the North Central Zone recorded the lowest at ₦695.04 per litre.
Additionally, the average retail price of Automotive Gas Oil (Diesel) surged by 66.29% year-on-year, reaching ₦1,403.96 per litre in May 2024, up from ₦844.28 per litre in May 2023. However, there was a slight month-on-month decrease of 0.78% from ₦1,415.06 per litre in April 2024.
The report detailed the state-by-state variations, with Adamawa State leading at ₦1,709.00 per litre, followed by Sokoto and Bauchi States at ₦1,675.00 and ₦1,657.92 per litre, respectively. The lowest prices were found in Niger State (₦1,140.20), Kano State (₦1,153.33), and Oyo State (₦1,236.92).
Zonal analysis showed the North East Zone had the highest average diesel price at ₦1,605.91 per litre, while the South West Zone had the lowest at ₦1,303.60 per litre.
The report also noted a slight increase in the average retail price of Household Kerosene (HHK), which rose by 0.74% to ₦1,450.35 per litre in May 2024, up from ₦1,439.64 in April 2024.
For more in-depth analysis and detailed statistics, refer to the full NBS report.
