The average price of Premium Motor Spirit (PMS), commonly known as petrol, saw a substantial increase, rising by 223.21% to approximately ₦770 per litre in May 2024 compared to ₦238.11 per litre in May 2023. This information was released by the National Bureau of Statistics (NBS) in their May 2024 Premium Motor Spirit (Petrol) Price Watch report.
According to the report, there was a notable month-on-month increase of 9.75% from ₦701.24 per litre recorded in April 2024 to ₦770 per litre in May. The report highlighted regional disparities in petrol prices across the country. Jigawa State recorded the highest average price at ₦937.50 per litre. Ondo and Benue States followed with average prices of ₦882.67 and ₦882.22 per litre, respectively.
In contrast, Lagos, Niger, and Kwara states had the lowest average petrol prices. Lagos State reported an average price of ₦636.80 per litre, while Niger and Kwara states recorded average prices of ₦642.16 and ₦645.15 per litre, respectively.
The report also provided a zonal breakdown of petrol prices. The North West Zone had the highest average retail price at ₦845.26 per litre, while the North Central Zone had the lowest average price at ₦695.04 per litre.