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.
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