The National Bureau of Statistics (NBS) has reported that in May 2024, the average retail price of petrol was ₦769.62 per litre. Jigawa State had the highest price at ₦937.50 per litre.
This is a 223.21% increase from May 2023 (₦238.11) and a 9.75% increase from April 2024 (₦701.24). The rise in petrol prices started after President Bola Tinubu removed subsidies on May 29, 2023.
The NBS report, titled “Premium Motor Spirit (Petrol) Price Watch (May 2024),” showed that Jigawa had the highest average retail price, followed by Ondo (₦882.67) and Benue (₦882.22). Lagos, Niger, and Kwara States had the lowest prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
Regionally, the North-West Zone had the highest average price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
The NBS also noted that with the removal of petrol subsidies, the inflation rate rose to 33.95% in May, with food inflation reaching 40%.
Despite the Nigerian National Petroleum Company Limited (NNPCL) stating it would maintain current prices at its retail outlets, petrol prices in the Northern region are nearing ₦1,000 per litre. NNPCL’s outlets are selling petrol at around ₦568 per litre, up from ₦238 per litre in May 2023, according to NBS data.
About The Author
Related Articles
Côte d’Ivoire Ends Customs Visas for Sahel Neighbours Mali and Burkina Faso Amid Trade Route Shifts
Côte d’Ivoire has moved decisively to overhaul its customs procedures with Mali...
Is Tinubu Preparing to Rig the 2027 Election? His Government Reserves N135 Billion for Lawsuits
The Federal Government has proposed a jaw‑dropping N135.22 billion in the 2026...
Doctors Strike Over 19 Months Unpaid Allowances as Patients Turned Away from Federal Hospitals
The Nigerian Association of Resident Doctors (NARD) has commenced an indefinite nationwide...
Tinubu Releases Just 7% of ₦3.3 Trillion to Tackle Ongoing Power Crisis Affecting Millions
President Bola Ahmed Tinubu has approved a ₦3.3 trillion payment plan to...