The cost of petrol in Nigeria has undergone a dramatic surge, according to the National Bureau of Statistics (NBS) Premium Motor Spirit (petrol) Price Watch report for May 2024.
Compared to May 2023, the average retail price per litre has skyrocketed by a staggering 223.21 per cent jumping from N238.11 to N769.62.
This significant increase isn’t limited to a single month. The report details a year-long upward trend, highlighting the steady rise in petrol prices. In June 2023, the price had already more than doubled to N545.83, representing a 129.22 per cent increase.
Read also: NBS says average petrol price 100% in one year
While there was a slight dip in September, the overall trajectory remained upward, culminating in the record-high price seen in May 2024.
“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21 per cent increase compared to the value recorded in May 2023 (N238.11). Likewise, comparing the average price value with the previous month, April 2024, the average retail price increased by 9.75 per cent from N701.24,” the report read in.
The report also detailed regional variations, with the North West recording the highest average price at N845.26 per litre, while the North Central had the lowest at N695.04.
Across geopolitical zones, prices were as follows: North East N777.04, South East N766.21, South-South N770.01, and South West N763.39.
Read also: Petrol price more than triples in one year – NBS
Among states and the Federal Capital Territory (FCT), Abuja, and Jigawa had the highest average price at N937.50, followed by Ondo at N882.67 and Benue at N882.22.
Conversely, Lagos, Niger, and Kwara had the lowest prices at N636.80, N642.16, and N645.15 respectively.
