Lagos, Niger and Kwara States have the cheapest average retail prices for Premium Motor Spirit (PMS) popularly called petrol at ₦636.80, ₦642.16 and N645.15 respectively.
The National Bureau of Statistics, NBS, disclosed this in its Premium Motor Spirit (Petrol) Price Watch for May 2024, adding that the price increased by 9.75 per cent from ₦701.24 per litre in April 2024 to ₦770 per litre in May 2024.
On a year-on-year basis, the average price of the product shot up by 223.21 per cent from ₦238.11 per litre recorded in the corresponding period of 2023 to ₦770 per litre in May 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 scale, 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 average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦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.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
