Fuel prices jump by 223.21% to N769.62 per liter - NBS


The nationwide average retail price paid by consumers for Premium Motor Spirit (PMS), also known as petrol, grew by 223.21 percent year on year (YoY) to N769.62 per litre in May 2024, up from N238.11 per litre in the same time in 2023.

Furthermore, on a month-to-month basis, a 9.75 percent increase was reported from N701.24 per liter in April 2024.

The National Bureau of Statistics (NBS) announced this in its report, Premium Motor Spirit (Petrol) pricing Watch for May 2024, which indicated that Jigawa State topped the pricing chart at N937.50 per litre, followed by Ondo and Benue States at N882.67 and N882.22 per litre, respectively.

According to the NBS report, the lowest average retail costs for the commodity were in Lagos, Niger, and Kwara states, at N636.80, N642.16, and N645.15, respectively.

On a zonal basis, 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.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers climbed by 66.29 percent to N1403.96 per litre in May 2024, up from N844.28 per liter in May 2023.

On a month-to-month basis, a 0.78 percent decline was observed from N1415.06 per litre in April 2024.

According to the research, the top three states with the highest average product prices in May 2024 are Adamawa (N1709.00), Sokoto (N1675.00), and Bauchi (N1657.92).

Furthermore, the top three lowest costs were recorded in the following states: Niger (N1140.20), Kano (N1153.33), and Oyo (N1236.92).

When compared to other Zones, the North-East Zone has the highest average fuel price of N1605.91, while the South-West Zone has the lowest average price of N1303.60.

This comes as the average retail price per litre of Household Kerosene (HHK) paid by customers in May 2024 was N1,450.35, representing a 0.74 percent rise from N1,439.64 reported in April 2024.

On a year-over-year basis, the average retail price per liter of the product increased by 20.26% from N1,206.05 in May 2023.

According to state profile study, the highest average price per litre in May 2024 was reported in Benue at N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94.

On the other hand, Katsina had the lowest price of N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.

Furthermore, analysis by zone revealed that the North Central had the highest average retail price per litre of Household Kerosene with N1,534.12, followed by the South-West with N1,488.97, and the North-East had the lowest at N1,408.41.