The National Bureau of Statistics (NBS) has reported a dramatic increase in the average retail price of petrol, rising from N238.11 per litre in May 2023 to N769.62 per litre in May 2024. This sharp rise, representing a 223.21% increase, was highlighted in the NBS Petrol Price Watch for May 2024, released on Wednesday in Abuja.
The report also noted a 9.75% month-on-month increase from April’s average price of N701.24.
Regional Price Disparities
In terms of state-specific prices, Jigawa recorded the highest average retail price at N937.50 per litre, followed by Ondo and Benue at N882.67 and N882.22, respectively. Conversely, Lagos, Niger, and Kwara had the lowest average prices at N636.80, N642.16, and N645.15, respectively.
Regional analysis showed the North-West Zone with the highest average petrol price at N845.26 per litre, while the North-Central Zone had the lowest at N695.04 per litre.
Diesel Prices Also on the Rise
The NBS Diesel Price Watch Report for May 2024 revealed that the average retail price of diesel surged to N1,403.96 per litre, a 66.29% increase from the N844.28 per litre recorded in May 2023. On a month-to-month basis, diesel prices saw a slight increase of 0.78% from April’s average of N1,415.06 per litre.
State-specific analysis showed Adamawa with the highest diesel price at N1,709.00 per litre, followed by Sokoto at N1,675.00 and Bauchi at N1,657.92. The lowest prices were recorded in Niger at N1,140.20 per litre, 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 recorded the lowest at N1,303.60 per litre.
Credit: NAN (Text Excluding Headline)