The average price of Premium Motor Spirit (PMS), commonly known as petrol, surged by 223.21% to approximately ₦770 per litre in May 2024, up from ₦238.11 per litre recorded in May 2023, according to the National Bureau of Statistics (NBS).

In its report, “Premium Motor Spirit (Petrol) Price Watch for May 2024,” the NBS noted a month-on-month increase of 9.75% from ₦701.24 per litre in April 2024. The report highlighted that Jigawa State had the highest average price at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively.

Conversely, Lagos, Niger, and Kwara states recorded the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively. Regionally, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.

Additionally, the average retail price of Automotive Gas Oil (Diesel) increased by 66.29% to ₦1403.96 per litre in May 2024, compared to ₦844.28 per litre in May 2023. However, there was a slight month-on-month decrease of 0.78% from ₦1415.06 per litre in April 2024.

The report indicated that Adamawa State had the highest average diesel price at ₦1709.00 per litre, followed by Sokoto at ₦1675.00 and Bauchi at ₦1657.92. Niger, Kano, and Oyo states had the lowest average prices at ₦1140.20, ₦1153.33, and ₦1236.92 per litre, respectively. Regionally, the North-East Zone recorded the highest average diesel price at ₦1605.91, while the South-West Zone had the lowest at ₦1303.60.

The average retail price of Household Kerosene (HHK) also increased to ₦1,450.35 per litre in May 2024, a 0.74% rise from ₦1,439.64 in April 2024.