Metro

Petrol price increases by 223% to ₦770 per litre — NBS

The National Bureau of Statistics in its report, said that Premium Motor Spirit (Petrol) Price Watch for May 2024 rose by 223.21 per cent to approximately ₦770 per litre.

The report stated 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, according to the NBS report.

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.

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 May 2024 from ₦844.28 per litre recorded 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 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). Furthermore, the top three lowest prices were recorded in the following State, namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).

The zonal representation of the average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price of ₦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, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.

 

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