The National Bureau of Statistics (NBS) says the average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2024, increased to about ₦937 per litre in the Northern part of the country.
According to the report titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, consumers in Jigawa State paid the the highest price of ₦937.50 for petrol.
The report further said the average price paid for petrol was ₦769.62, indicating a 223.21 per cent increase compared to the value recorded in May 2023 (N238.11).
Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price increased by 9.75 per cent from ₦701.24.
States with the highest petrol prices in May comprise Jigawa (₦937.50), Ondo (₦882.67) and Benue (₦882.22).
In contrast, Lagos has one of the lowest petrol prices with an average of ₦636.80 per litre followed by Niger (₦642.16) and Kwara (₦645.15)
Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.
The NBS’s latest release on pump prices heading towards ₦1,000 per litre in the North, comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL), saying that it would not increase petrol prices in its retail outlets across the country.
