The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 stood at N769.62, indicating a 223.21% increase compared to the value recorded in May 2023 (N238.11).
According to the latest Premium Motor Spirit (Petrol) Price Watch report by the National Bureau of Statistics (NBS), on a month-on-month, an increase of 9.75 per cent was recorded from ₦701.24 per litre in April 2024 to ₦769.62 per litre in May 2024
NBS revealed that on state-by-state analysis, Jigawa State had the highest average retail price for a litre of Premium Motor Spirit (Petrol) at N937.50, Ondo with N882.67 and Benue with N882.22.
On the other hand, Lagos had the lowest average retail prices for a litre of Premium Motor Spirit (Petrol) at N636.80 followed by Niger State at N642.16 and Kwara State at N645.15.
Meanwhile on a zonal basis, the average retail price for a litre of Premium Motor Spirit (Petrol), 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.
Others include South West at N763.39, South-South at N770.01, South East at N766.21 and North East at N777.04.
