The National Bureau of Statistics (NBS) has reported a significant surge in the average retail price of petrol, soaring from N238.11 in May 2023 to N769.62 in May 2024.
According to the Petrol Price Watch for May 2024 released in Abuja, this price hike represents a staggering 223.21% increase compared to the previous year's price.
The NBS noted that the average retail price witnessed a 9.75% increase from N701.24 in April 2024.
Among the states, Jigawa recorded the highest average retail price at N937.50 per litre, followed closely by Ondo and Benue at N882.67 and N882.22, respectively. Conversely, Lagos, Niger, and Kwara paid the lowest average retail prices at N636.80, N642.16, and N645.15, respectively.
Regional analysis revealed that the North-West Zone had the highest average retail price in May 2024 at N845.26, while the North-Central recorded the lowest price of N695.04 per litre.
In the Diesel Price Watch Report for May 2024, the NBS reported an average retail price of N1,403.96 per litre, marking a 66.29% increase from the N844.28 per litre recorded in May 2023.
The report further highlighted that on a month-on-month basis, the price of diesel increased by 0.78% from the N1,415.06 per litre recorded in April 2024.
State-wise, Adamawa recorded the highest average price of diesel in May 2024 at N1709.00 per litre, followed by Sokoto at N1675.00 and Bauchi at N1657.92. Conversely, Niger recorded the lowest price at N1,140.20 per litre, trailed by Kano at N1153.33 and Oyo at N1236.92.
Regional analysis indicated that the North-East Zone had the highest diesel price of N1,605.91 per litre, while the South-West recorded the lowest price at N1,303.60 per litre.
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