The average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21 percent to approximately ₦770 per litre in May 2024, up from ₦238.11 per litre in May 2023, according to data from the National Bureau of Statistics (NBS).
The NBS revealed this in its Premium Motor Spirit (Petrol) Price Watch report for May 2024, noting a 9.75 percent month-on-month increase from ₦701.24 per litre in April 2024. Jigawa State had the highest price 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 recorded the lowest average prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively. Regionally, the North-West Zone had the highest average price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
Additionally, the average retail price of Automotive Gas Oil (Diesel) rose by 66.29 percent to ₦1403.96 per litre in May 2024, compared to ₦844.28 per litre in May 2023. However, on a month-on-month basis, there was a slight decrease of 0.78 percent from ₦1415.06 per litre in April 2024.
Adamawa State had the highest diesel prices at ₦1709.00 per litre, followed by Sokoto at ₦1675.00 and Bauchi at ₦1657.92. The lowest prices were found in Niger State at ₦1140.20, Kano State at ₦1153.33, and Oyo State at ₦1236.92. The North-East Zone reported the highest average diesel price at ₦1605.91, while the South West Zone had the lowest at ₦1303.60.
Meanwhile, the average retail price of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, marking a 0.74 percent increase from ₦1,439.64 in April 2024.
