The National Bureau of Statistics (NBS) says the average price of Premium Motor Spirit (PMS), also known as petrol, shot up 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 bureau which disclosed this on Wednesday in its Petrol Price-Watch report for May, added that on a month-on-month basis, an increase of 9.75 per cent was recorded from ₦701.24 per litre in April 2024.
According to the report, 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 emerged with the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15 respectively.
On 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.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to ₦1403.96 per litre in the period under review
It had sold for ₦844.28 in May 2023.
On a month-on-month, MoM basis, a decrease of 0.78 per cent was recorded from ₦1415.06 per litre 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 (₦1657.92).
While the top three lowest prices were recorded in Niger State (₦1140.20), Kano State (₦1153.33) and Oyo State (₦1236.92).