Nigeria Petrol Price Rises By 223% To ₦770 Per litre

The average price of Premium Motor Spirit (PMS), also known as petrol, shot up by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023, according to data from the National Bureau of Statistics (NBS).

The statistics bureau disclosed this in its report on Thursday.

The report read, “The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21% increase compared to the value recorded in
May 2023 (N238.11).

“Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price increased by 9.75% from N701.24.”

On State profile analysis, Jigawa State had the highest average retail price for Premium
Motor Spirit (Petrol), at N937.50, Ondo and Benue States were next, with N882.67 and
N882.22, respectively.

On the other side, Lagos, Niger and Kwara States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N636.80, N642.16 and N645.15, respectively.

Lastly, on the zonal profile, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.