Fuel Price Skyrockets: NBS Reports Staggering 223% Hike

The average price of Premium Motor Spirit (PMS), popularly knows as petrol, skyrocketed in May 2024, with petrol prices rising by 223.21% to ₦770 per litre compared to the same period in 2023.

The National Bureau of Statistics (NBS) disclosed this in its report tagged Premium Motor Spirit (Petrol) Price Watch for May 2024 and received by Theeagle.com.ng. 

The NBS’s read that on a month-on-month basis, an increase of 9.75 per cent was recorded from ₦701.24 per litre in April 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.

Meanwhile, 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 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.

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 the average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price of ₦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.”