Premium Motor Spirit (PMS), also referred to as gasoline, saw an increase in average price of 223.21% from ₦238.11 per litre in May 2023 to almost ₦770 per litre in May 2024.
This was disclosed in the Premium Motor Spirit (Petrol) Price Watch for May 2024 report by the National Bureau of Statistics.
According to the study, there was a 9.75% monthly increase from ₦701.24 per litre in April 2024.
According to the NBS survey, the states of Lagos, Niger, and Kwara had the lowest average retail costs for the commodity, at ₦636.80, ₦642.16, and N645.15, respectively.
The North Central Zone had the lowest average retail price of ₦695.04 on the zonal profile, while the North West Zone had the highest average retail price of ₦845.26).
In the meantime, consumers paid 66.29 percent more on average for Automotive Gas Oil (Diesel) at retail in May 2024, up from ₦844.28 per litre in May 2023.
A drop of 0.78 percent was observed on a month-over-month, MoM basis from ₦1415.06 per litre in April 2024.
"Looking at the variations in the state prices, Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92) are the top three states with the highest average price of the product in May 2024," the research said. Moreover, the next three states had the lowest prices: Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
When compared to other zones, the North-East Zone has the highest average price of ₦1605.91, while the South West Zone has the lowest.
This is in light of the fact that customers paid an average retail price of ₦1,450.35 per litre for Household Kerosene (HHK) in May 2024, up 0.74 percent from ₦1,439.64 in April of the same year.source: punch newspaper
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