In a startling revelation, the National Bureau of Statistics (NBS) has reported a staggering 223.21% increase in the average price of Premium Motor Spirit (PMS), commonly known as petrol, soaring to approximately N770 per litre in May 2024.
This marks a significant rise from N238.11 per litre recorded in the same period last year, according to the NBS’s Premium Motor Spirit (Petrol) Price Watch for May 2024.
On a month-on-month basis, the increase stood at 9.75%, climbing from N701.24 per litre in April 2024.
The report further detailed the state-by-state variation in petrol prices, with Jigawa State topping the chart at N937.50 per litre, followed closely by Ondo and Benue States at N882.67 and N882.22 per litre, respectively.
In contrast, Lagos, Niger, and Kwara States recorded the lowest average retail prices at N636.80, N642.16, and N645.15 per litre, respectively.
In terms of zonal averages, the North-West Zone reported the highest average retail price for petrol at N845.26 per litre, while the North Central Zone recorded the lowest at N695.04 per litre.
Meanwhile, the price of Automotive Gas Oil (Diesel) also saw a significant increase, rising by 66.29% year-on-year to N1403.96 per litre in May 2024 from N844.28 per litre in May 2023.
However, on a month-on-month basis, there was a slight decrease of 0.78% from N1415.06 per litre in April 2024.
The report highlighted state-specific diesel prices, with Adamawa State recording the highest at N1709.00 per litre, followed by Sokoto State at N1675.00 and Bauchi at N1657.92 per litre.
Conversely, Niger State reported the lowest diesel price at N1140.20 per litre, followed by Kano State at N1153.33 and Oyo State at N1236.92 per litre.
In the household kerosene sector, the average retail price per litre in May 2024 was N1450.35, marking a 0.74% increase from N1439.64 in April 2024.
These increases in fuel prices come amid growing concerns over inflationary pressures and their potential impact on consumer spending and overall economic stability.
The NBS report underscores the need for strategic interventions to mitigate the effects of rising fuel costs on households and businesses across Nigeria.