Fuel Price Rises 223.21% To ₦‎769.62 Per Litre – NBS

The national average retail price paid by consumers for Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 223.21 percent to N769.62 per litre in May 2024 from N238.11 per litre recorded in the corresponding period of 2023.

Furthermore, On a month-on-month, MoM basis, an increase of 9.75 percent was recorded from N701.24 per litre in April 2024.

The National Bureau of Statistics, NBS, disclosed this in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024, which showed that Jigawa State topped the price chart at N937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and N882.22 per litre, respectively.

However, Lagos, Niger and Kwara States emerged with the lowest average retail prices for the product at N636.80, N642.16 and N645.15 respectively according to the NBS report.

On Zonal profile, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 percent to N1403.96 per litre in May2024 from N844.28 per liter recorded in May 2023.

On a month-on-month, MoM basis, a decrease of 0.78 percent was recorded from N1415.06 per litre in April 2024.

The report stated “ Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92).

The Zonal representation of average price of diesel showed that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price N1303.60 when compared with other Zones.

This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was N1,450.35, indicatiing an increase of 0.74 percent when compared to N1,439.64 recorded in April 2024.

On a year-on-year, YoY,basis, the average retail price per litre of the product rose by 20.26% from N1,206.05 in May 2023.

On state profile analysis, the highest average price per litre in May 2024 was recorded in Benue with N1,790.92, followed by Kaduna with N1,769.65 and Cross River with N1,722.94. On the other hand, the lowest price was recorded in Katsina with N1,230.81, followed by Kwara with N1,260.07 and Jigawa with N1,263.91.

In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with N1,534.12, followed by the South-West with N1,488.97, while the North-East recorded the lowest with N1,408.41.