AGS NEWS – The National Bureau of Statistics (NBS) reported a significant increase in the average price of Premium Motor Spirit (PMS), or petrol, which rose by 223.21% to approximately ₦770 per litre in May 2024, up from ₦238.11 per litre in May 2023.

The month-on-month increase from April 2024 was 9.75%, rising from ₦701.24 per litre.

Jigawa State recorded the highest petrol price at ₦937.50 per litre, followed by Ondo at ₦882.67 per litre and Benue at ₦882.22 per litre.

Lagos, Niger, and Kwara states had the lowest average prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.

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The North West Zone had the highest average price at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.

The report also highlighted a 66.29% increase in the average retail price of Automotive Gas Oil (Diesel), reaching ₦1,403.96 per litre in May 2024, up from ₦844.28 per litre in May 2023.

However, there was a slight month-on-month decrease of 0.78% from April 2024’s price of ₦1,415.06 per litre.

In May 2024, the highest diesel prices were recorded in Adamawa (₦1,709.00), Sokoto (₦1,675.00), and Bauchi (₦1,657.92).

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The lowest prices were in Niger (₦1,140.20), Kano (₦1,153.33), and Oyo (₦1,236.92). The North-East Zone had the highest average diesel price at ₦1,605.91, while the South West Zone had the lowest at ₦1,303.60.

The average retail price of Household Kerosene (HHK) in May 2024 was ₦1,450.35 per litre, reflecting a slight increase of 0.74% from ₦1,439.64 per litre in April 2024.