Report Reveals Petrol Price Rose By 223.21% In One Year

The average cost that Nigerians pay for Premium Motor Spirit (PMS), also known as petrol or fuel, rose by 223.21 percent from the previous year, year-over-year, to ₦769.62 per liter in May 2024, compared to N238.11 per liter in the same period of 2023.

The National Bureau of Statistics (NBS) revealed this in its latest report where it noted that from one month to the next, there was a 9.75 percent increase, moving from ₦701.24 per liter in April 2024.

The NBS indicated that Jigawa State was the most expensive with a price of ₦937.50 per liter, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per liter, respectively.

Nonetheless, Lagos, Niger, and Kwara States were found to have the lowest average retail prices for the product, as reported by the NBS, at ₦636.80, ₦642.16, and ₦645.15 per liter, respectively.

According to the NBS report, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.

At the same time, the typical cost of Automotive Gas Oil (Diesel) that consumers had to pay rose by 66.29 percent to ₦1403.96 per liter in May 2024, compared to ₦844.28 per liter paid in May 2023.

On a month-to-month basis, there was a slight drop of 0.78 percent, dropping to ₦1415.06 per liter 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 (₦1709.00), Sokoto State (₦1675.00) and Bauchi (N1657.92).

“Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (N1153.33) and Oyo State (N1236.92).”

The report stated that the Zonal representation of average price of diesel showed 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.

This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicatiing an increase of 0.74 percent when compared to ₦1,439.64 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 ₦1,206.05 in May 2023.

On state profile analysis, the highest average price per litre in May 2024 was recorded in Benue with ₦1,790.92, followed by Kaduna with ₦1,769.65 and Cross River with States2.94. On the other hand, the lowest price was recorded in Katsina with ₦1,230.81, followed by Kwara with ₦1,260.07 and Jigawa with ₦1,263.91.

In addition, analysis by zone showed that the North Central recorded the highest average retail price per litre of Household Kerosene with ₦1,534.12, followed by the South-West with ₦1,488.97, while the North-East recorded the lowest with ₦1,408.41.