The National Bureau of Statistics (NBS) has revealed a sharp rise in the average retail price of Premium Motor Spirit (petrol) in May 2024, with Jigawa State consumers paying an unprecedented ₦937 per litre.
NBS noted the figure as the highest petrol price in the country, as detailed in its latest report titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’.
The surge in prices follows the removal of petrol subsidies by President Bola Tinubu on May 29, 2023.
The report highlighted that the nationwide average petrol price for May 2024 stood at ₦769.62, a staggering 223.21% increase from the ₦238.11 recorded in May 2023. Compared to the previous month, the average price rose by 9.75% from ₦701.24 in April 2024.
Jigawa State recorded the highest average retail price at ₦937.50, followed by Ondo and Benue States with prices of ₦882.67 and ₦882.22, respectively.
In contrast, Lagos, Niger, and Kwara States reported the lowest prices, at ₦636.80, ₦642.16, and ₦645.15, respectively.
According to the NBS, the North-West Zone experienced the highest average retail price of ₦845.26, while the North Central Zone had the lowest at ₦695.04.
The removal of petrol subsidies has significantly impacted inflation, which soared to 33.95% in May, with food inflation reaching 40%.
Despite the rising pump prices, the Nigerian National Petroleum Company Limited (NNPCL) has stated that it would maintain its current price of around ₦568 per litre at its retail outlets, up from ₦238 in May 2023, as reported by NBS.
