The average price of Premium Motor Spirit, also known as petrol, rose by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023.
The National Bureau of Statistics made this known in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024.
The report stated that on a month-on-month basis, an increase of 9.75 per cent was recorded from ₦701.24 per litre in April 2024.
According to the report, Jigawa State topped the price chart at ₦937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and ₦882.22 per litre, respectively.
However, Lagos, Niger, and Kwara States emerged with the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15, respectively, according to the NBS report.
On the zonal profile, the North West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.
Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to ₦1403.96 per litre in May 2024 from ₦844.28 per litre recorded in May 2023.
On a month-on-month, MoM basis, a decrease of 0.78 per cent was recorded from ₦1415.06 per litre in April 2024.
The report stated, “Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following States, namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
“The zonal representation of the average price of diesel showed that the North-East Zone has the highest price of ₦1605.91 while the South West Zone has the lowest price of ₦1303.60 when compared with other zones.
“This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.”
The NBS also said the average price of 5kg of cooking gas increased from N6, 521.58 recorded in April 2024 to N7, 418.45 in May 2024.
This was contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024, released on Wednesday in Abuja, the nation’s capital.
The report said the May price represented a 13.75 per cent increase, compared to what was obtained in April 2024.
The NBS said the average price of 5kg cooking gas increased on a year-on-year basis by 70.12 per cent from N4, 360.69 recorded in May 2023 to N7, 418.45 in May 2024.
On state profile analysis, the report showed that Benue recorded the highest average price at N8,012.03, followed by Enugu at NN7,926.21, and Ondo at N7,857.53.
It said, on the other hand, Yobe recorded the lowest price at N5,842.31, followed by Jigawa and Katsina at N6,521.81, respectively.
Analysis by zone showed that the South East recorded the highest average retail price of 5kg cooking gas at N7,680.87, followed by the South-West at N6,593.93.
“The North-East recorded the lowest average retail price at N7,071.84,” the NBS said.
Also, the NBS said the average retail price for refilling a 12.5kg cooking gas declined by 0.07 per cent on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024.
The report said the average retail price for 12.5kg cooking gas rose by 63.85 per cent on a year-on-year basis from N9,537.89 in May 2023 to N15,627.40 in May 2024.
State profile analysis showed that Zamfara recorded the highest average retail price of N18,369.33, followed by Bayelsa at N17,772.21 and Abia at N17,538.02.
On the other hand, the report showed that the lowest average price was recorded in Bauchi at N13,076.43, followed by Ebonyi and Taraba at N13,788.09 and N13,860.3, respectively.
Analysis by zone showed that the South South recorded the highest average retail price of 12.5kg cooking gas at N16,310.02, followed by the North-West at N15,991.13.
The report said the North-East recorded the lowest price at N15,010.62. (NAN)