The average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2024, increased astronomically to about ₦937 per litre in the Northern part of the country, according to the latest report of the National Bureau of Statistics (NBS).
The report ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, said on a state profile analysis, that consumers in Jigawa State paid the highest price of ₦937.50 for petrol, signaling a continuous rise in the price of the commodity since the removal of petrol subsidy by President Bola Tinubu on May 29, 2023.
The report further said the average price paid for petrol was ₦769.62, 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 (i.e. April 2024), the average retail price increased by 9.75 per cent from ₦701.24.
On State profile analysis, Jigawa State had the highest average retail price for the commodity at ₦937.50, Ondo and Benue States were next, with ₦882.67 and N882.22, respectively.
On the other side, Lagos, Niger and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16 and ₦645.15 respectively.
Lastly, on the Zonal profile, 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.
Following the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, according to NBS, with food inflation as high as 40 per cent.
The NBS’s latest release on pump prices heading towards ₦1,000 per litre in the North, comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL), saying that it would not increase petrol prices in its retail outlets across the country.
The company currently sells at around ₦568 per litre at its retail outlets, from around ₦238 as of May 2023, according to NBS.
