In a striking development, the National Bureau of Statistics (NBS) has reported a significant increase in the average retail price of Premium Motor Spirit (Petrol) in May 2024, with prices soaring to about ₦937 per litre in Northern Nigeria. According to the latest NBS report, ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, consumers in Jigawa State experienced the highest price surge, paying ₦937.50 per litre.
This sharp rise follows the removal of petrol subsidies by President Bola Tinubu on May 29, 2023. The report highlights a 223.21% increase in the average price of petrol, which reached ₦769.62 in May 2024, compared to ₦238.11 in May 2023. When compared to April 2024, the average retail price increased by 9.75% from ₦701.24.
State-wise, Jigawa recorded the highest average retail price at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22, respectively. Conversely, Lagos, Niger, and Kwara States reported the lowest prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
Regionally, the North-West Zone faced the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04. The removal of petrol subsidies has also contributed to a spike in the inflation rate, reaching 33.95% in May, with food inflation hitting 40%.
Despite these rising prices, the Nigerian National Petroleum Company Limited (NNPCL) has announced it will maintain petrol prices at its retail outlets, currently selling at around ₦568 per litre, up from ₦238 in May 2023.
