19th June, 2024
By Okeoghene Akubuike
The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N238.11 in May 2023 to N769.62 in May 2024.
It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday.
It stated that the May 2024 price of N769.62 represented a 223.21 per cent increase over the price of N238.11 recorded in May 2023.
“Comparing the average price value with the previous month of April, the average retail price increased by 9.75 per cent from N701.24.
“On state profiles analysis, Jigawa paid the highest average retail price of N937.50 per litre, followed by Ondo and Benue at N882.67 and N882.22, respectively.
“Conversely, Lagos, Niger and Kwara paid the lowest average retail price at N636.80, N642.16 and N645.15, respectively,’’ it stated.
Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at N845.26, while the North-Central recorded the lowest price of N695.04 per litre.
The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was N1,403.96 per litre.
It said that the May 2024 price of N1,403.96 per litre amounted to a 66.29 per cent increase over the N844.28 per litre paid in May 2023
“On a month-on-month basis, the price increased by 0.78 per cent from the N1,415.06 per litre recorded in April 2024,’’ it added.
On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at N1709.00 per litre, followed by Sokoto at N1675.00 and Bauchi at N1657.92.
On the other hand, the lowest price was recorded in Niger at N1,140.20 per litre, followed by Kano at N1153.33 and Oyo at N1236.92.
In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,605.91 per litre, while the South-West recorded the lowest price at N1,303.60 per litre.