Victor EzejaThe latest data on Petrol Watch, released by the National Bureau of Statistics (NBS), show that residents of Jigawa State, in northwest Nigeria, spent more on Premium Motor Spirit (PMS), also known as petrol.
The average retail price for petrol recorded by the state was N937.50 in May 2024.
Join our WhatsApp ChannelThe report indicated that the national average retail price paid by consumers for petrol increased year-on-year (YoY), by 223.21 per cent to N769.62 per litre in May 2024 from N238.11 per litre recorded in May 2023. On a month-on-month (MoM) basis, it recorded an increase of 9.75 per cent from N701.24 per litre in April 2024.
Ondo State came second in terms of states with the highest average retail price for petrol with N882.67 per litre, followed by Benue with N882.22 per litre.
However, Lagos, Niger and Kwara States emerged with the lowest average retail prices for the product at N636.80, N642.16 and N645.15 respectively.
On the basis of geo-political zones, 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, according to the NBS report.
READ ALSO: Petrol Price Rises By 158% In 1 Year, As Zamfara Residents Paid Highest In February 2024
Diesel Records 66.29% Increase YoY
The average retail price of diesel also recorded an increase of 66.29 per cent to N1,403.96 in May 2024.
On a month-on-month (MoM) basis, there was a decrease of 0.78 per cent from N1,415.06 per litre recorded in April 2024.
The decrease in average price on month-on-month was due to the slash in price by Dangote Refinery, which started distribution of diesel recently.
The NBS’s Diesel Price Watch for May further revealed that the top three states with the highest average price of the product in May 2024 include;Adamawa State (N1,709.00), Sokoto State (N1,675.00) and Bauchi (N1,657.92). “Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1,140.20), Kano State (N1,153.33) and Oyo State (N1,236.92),” the report added.
On zonal basis, the average price of diesel showed that Northeast has the highest price of N1,605.91 while South West Zone has the lowest price N1,303.60 when compared with other Zones.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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