Lagos, Niger, Kwara sell cheapest petrol after 223% price hike to ₦770 per litre, says NBS

Lagos, Niger and Kwara states have topped the lists of states with the cheapest average retail prices for Premium Motor Spirit (PMS) popularly called petrol as the product sold at ₦636.80, ₦642.16 and N645.15 respectively, the National Bureau of Statistics (NBS) has disclosed.

This is even as the average price of the product shot up 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 bureau disclosed.

The bureau in its Premium Motor Spirit (Petrol) Price Watch for May 2024, noted that on a month-on-month basis, the product recorded an increase of 9.75 per cent 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.

READ ALSO:Nigeria’s earnings from income tax declined by N276bn in Q1 2024 – NBS

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 State namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).

The zonal representation of average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦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.

By: Babajide Okeowo

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