Fuel prices in Nigeria have surged dramatically, with the national average retail price of Premium Motor Spirit (PMS), commonly known as petrol, escalating by 223.21% year-on-year to N769.62 per litre in May 2024.
This sharp increase is up from N238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS) “Premium Motor Spirit (Petrol) Price Watch” report for May 2024.
On a month-on-month basis, petrol prices also climbed by 9.75%, from N701.24 per litre in April 2024.
State and Regional Variations
The report indicates significant price variations across different states:
Jigawa State recorded the highest petrol price at N937.50 per litre, followed by Ondo at N882.67 per litre, and Benue at N882.22 per litre.
Conversely, Lagos had the lowest average price at N636.80 per litre, followed by Niger at N642.16 per litre, and Kwara at N645.15 per litre.
Regionally, the North-West Zone experienced the highest average retail price of N845.26 per litre, while the North Central Zone had the lowest at N695.04 per litre.
Diesel Prices Surge
The average retail price of Automotive Gas Oil (diesel) increased by 66.29% year-on-year, reaching N1,403.96 per litre in May 2024 from N844.28 per litre in May 2023. However, on a month-on-month basis, the price slightly decreased by 0.78% from N1,415.06 per litre in April 2024.
States with the highest diesel prices included Adamawa at N1,709.00 per litre, Sokoto at N1,675.00 per litre, and Bauchi at N1,657.92 per litre. The lowest prices were observed in Niger at N1,140.20 per litre, Kano at N1,153.33 per litre, and Oyo at N1,236.92 per litre.
Kerosene Price Increases
The price of Household Kerosene also saw a notable rise, increasing by 20.26% year-on-year to N1,450.35 per litre in May 2024 from N1,206.05 in May 2023. On a monthly basis, the price rose by 0.74% from N1,439.64 in April 2024.
Benue State recorded the highest kerosene price at N1,790.92 per litre, followed by Kaduna at N1,769.65 per litre, and Cross River at N1,722.94 per litre. The lowest prices were in Katsina at N1,230.81 per litre, Kwara at N1,260.07 per litre, and Jigawa at N1,263.91 per litre.
