THE average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21% to about ₦770 per liter in May 2024 from ₦238.11 per liter reported in the same period of 2023, as per data released by the National Bureau of Statistics (NBS).
According to the NBS Premium Motor Spirit (Petrol) Price Watch report for May 2024, a month-on-month increase of 9.75% was recorded, rising from ₦701.24 per liter in April 2024.
Jigawa State led the price ranking at ₦937.50 per liter, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per liter, respectively.
Conversely, Lagos, Niger, and Kwara states had the lowest average retail prices for petrol at ₦636.80, ₦642.16, and ₦645.15, in that order, based on the NBS report.
Regarding regional profiles, the North-West Zone reported the highest average retail price of ₦845.26, while the North Central Zone had the lowest at ₦695.04.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers saw a 66.29% increase to ₦1403.96 per liter in May 2024 from ₦844.28 per liter in May 2023, with a month-on-month decrease of 0.78% from ₦1415.06 per liter in April 2024.
The report identified Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92) as the top three states with the highest average diesel prices in May 2024, while Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92) reported the lowest prices for the product.
In terms of regional representation, the North-East Zone had the highest diesel price at ₦1605.91, with the South West Zone recording the lowest at ₦1303.60 compared to other zones.
Household Kerosene (HHK) also saw an uptick in its average retail price per liter in May 2024 at ₦1,450.35, showing a 0.74% increase from ₦1,439.64 in April 2024.
