No More N700/Litre! SEE Current Price Of Fuel In Nigeria Amid Hardship; READ Full Details
The national average retail price for Premium Motor Spirit (PMS), commonly known as petrol, surged by 223. 21 percent year-on-year (YoY) to N769. 62 per litre in May 2024 from N238. 11 per litre in May 2023. On a month-on-month (MoM) basis, the price increased by 9. 75 percent from N701. 24 per litre in April 2024.
The National Bureau of Statistics (NBS) disclosed these figures in its Premium Motor Spirit (Petrol) Price Watch” report for May 2024. The report highlighted that Jigawa State had the highest petrol price at N937. 50 per litre, followed by Ondo and Benue States at N882. 67 and N882. 22 per litre, respectively. Conversely, Lagos, Niger, and Kwara States recorded the lowest average retail prices at N636. 80, N642. 16, and N645. 15 per litre, respectively.
Regionally, the North-West Zone experienced the highest average retail price of N845. 26 per litre, while the North Central Zone had the lowest at N695. 04 per litre. In parallel, the average retail price of Automotive Gas Oil (diesel) rose by 66. 29 percent YoY to N1, 403. 96 per litre in May 2024 from N844. 28 per litre in May 2023. However, on a MoM basis, diesel prices saw a slight decrease of 0.78 percent from N1, 415. 06 per litre in April 2024.
The NBS report noted significant state variations in diesel prices, with Adamawa State leading at N1, 709,00 per litre, followed by Sokoto at N1, 675.00 and Bauchi at N1, 657.92. The states with the lowest diesel prices were Niger at N1, 140. 20, Kano at N1, 153. 33, and Oyo at N1, 236. 92. Regionally, the North-East Zone had the highest average diesel price at N1, 605. 91 per litre, while the South-West Zone had the lowest at N1, 303. 60 per litre.
Additionally, the average retail price per litre of Household Kerosene (HHK) increased by 0. 74 percent to N1, 450. 35 in May 2024 from N1, 439. 64 in April 2024. Year-on-year, the kerosene price rose by 20. 26 percent from N1, 206. 05 in May 2023.
State wise, Benue recorded the highest average kerosene price at N1, 790. 92 per litre, followed by Kaduna at N1, 769. 65 and Cross River at N1, 722. 94. The lowest prices were in Katsina at N1, 230, 81, Kwara at N1, 260. 07, and Jigawa at N1, 263. 91. The zonal analysis for kerosene showed the North Central Zone with the highest average retail price at N1, 534. 12 per litre, followed by the South-West at N1, 488. 97, while the North-East recorded the lowest at N1,408. 41 per litre.
These substantial increases in fuel prices across various states and zones highlight the significant economic pressures on consumers and underscore the need for ongoing monitoring and potential policy interventions to address the affordability and availability of essential fuels in Nigeria.
