Fuel price rises 223.21% to N769.62 per litre NBS
The national average retail price paid by consumers for Premium Motor Spirit, PMS (petrol), increased by 223.21 percent year-on-year to N769.62 per litre in May 2024 from N238.11 per litre in May 2023. Additionally, on a month-on-month basis, there was a 9.75 percent increase from N701.24 per litre in April 2024.
The National Bureau of Statistics, NBS, disclosed this in its report, "Premium Motor Spirit (Petrol) Price Watch for May 2024." The report indicated that Jigawa State had the highest average price at N937.50 per litre, followed by Ondo and Benue States with N882.67 and N882.22 per litre, respectively. However, Lagos, Niger, and Kwara States had the lowest average retail prices at N636.80, N642.16, and N645.15 per litre, respectively.
In terms of zones, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.
Similarly, the average retail price of Automotive Gas Oil (Diesel) increased by 66.29 percent to N1403.96 per litre in May 2024 from N844.28 per liter in May 2023. On a month-on-month basis, there was a 0.78 percent decrease from N1415.06 per litre in April 2024.
The report highlighted that the top three states with the highest average price of diesel in May 2024 were Adamawa (N1709.00), Sokoto (N1675.00), and Bauchi (N1657.92). On the contrary, the top three states with the lowest prices were Niger (N1140.20), Kano (N1153.33), and Oyo (N1236.92).
Analyzing the zonal representation, the North-East Zone had the highest price of N1605.91, while the South West Zone had the lowest price of N1303.60 compared to other zones.
Moreover, the average retail price per litre of Household Kerosene (HHK) in May 2024 was N1,450.35, reflecting a 0.74 percent increase from N1,439.64 in April 2024.
On a year-on-year basis, the average retail price of HHK rose by 20.26 percent to N1,206.05 in May 2023. State-wise, the highest average price per litre in May 2024 was recorded in Benue at N1,790.92, followed by Kaduna at N1,769.65 and Cross River at N1,722.94. Conversely, the lowest price was recorded in Katsina at N1,230.81, followed by Kwara at N1,260.07 and Jigawa at N1,263.91.
Furthermore, the North Central recorded the highest average retail price per litre of Household Kerosene at N1,534.12, followed by the South-West at N1,488.97, while the North-East recorded the lowest at N1,408.41.
Comments
Post a Comment