The average price of Premium Motor Spirit PMS, commonly known as petrol, surged by 223.21 percent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS).
The report stated that Jigawa State recorded the highest petrol price at ₦937.50 per litre, followed by Ondo and Benue State at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara states had the lowest prices at ₦636.80, ₦642.16, and ₦645.15 per litre.
The report also noted a 66.29 per cent increase in the average retail price of Automotive Gas Oil (Diesel) to ₦1403.96 per litre in May 2024 from ₦844.28 in May 2023.
Additionally, the average price of Household Kerosene (HHK) rose slightly by 0.74 per cent to ₦1,450.35 per litre in May 2024.