Petrol price increases by 223% to ₦770/ litre in 12 months — NBS

Petrol

The average price of petrol increased by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023.

The National Bureau of Statistics (NBS), which revealed this in its report, said on a month-on-month basis an increase of 9.75 per cent was recorded from ₦701.24 per litre in April 2024.

The NBS stated in the report that Jigawa State topped the price chart at ₦937.50 per litre, followed by Ondo and Benue states with N882.67 per litre and ₦882.22 per litre, respectively.

However, Lagos, Niger and Kwara states have the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15 respectively.

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.

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Meanwhile, the average retail price of Diesel went up by 66.29 per cent to ₦1403.96 per litre in May 2024 from ₦844.28 per litre recorded in May 2023.

On a month-on-month basis, a decrease of 0.78 per cent was recorded from ₦1415.06 per litre in April 2024.

The report said, “Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State, (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92).

“Also, the top three lowest prices were recorded in Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).”

The zonal representation of average price of diesel indicated that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦1303.60 when compared with other zones.