In May 2024, the average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21%, reaching about ₦770 per litre from ₦238.11 per litre in the same period of 2023, as revealed by the National Bureau of Statistics in its Premium Motor Spirit (Petrol) Price Watch for May 2024.
The report indicated a 9.75% month-on-month increase from ₦701.24 per litre in April 2024. Jigawa State had the highest price at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 per litre and ₦882.22 per litre, respectively. Lagos, Niger, and Kwara states had the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
Regarding Automotive Gas Oil (Diesel), consumers paid an average of ₦1403.96 per litre in May 2024, a 66.29% increase from ₦844.28 per litre in May 2023. On a month-on-month basis, there was a 0.78% decrease from ₦1415.06 per litre in April 2024.
Adamawa State, Sokoto State, and Bauchi had the highest average prices for diesel at ₦1709.00, ₦1675.00, and ₦1657.92, respectively, while Niger State, Kano State, and Oyo State had the lowest prices at ₦1140.20, ₦1153.33, and ₦1236.92, respectively.
The North-East Zone had the highest diesel price at ₦1605.91, while the South-West Zone had the lowest at ₦1303.60 compared to other zones.
Household Kerosene (HHK) also experienced an increase, with the average price per litre paid by consumers in May 2024 being ₦1,450.35, up by 0.74% from ₦1,439.64 in April 2024.
