Fuel Prices Surge: PMS Hits ₦770/L, Diesel at ₦1403.96/L in May 2024 – NBS

The average price of Premium Motor Spirit (PMS), commonly known as petrol, skyrocketed by 223.21% to approximately ₦770 per litre in May 2024 from ₦238.11 per litre in the same period last year, the latest report from the National Bureau of Statistics (NBS) revealed.

In its Premium Motor Spirit (Petrol) Price Watch for May 2024, the NBS highlighted a month-on-month increase of 9.75%, rising from ₦701.24 per litre in April 2024.

Jigawa State topped the price chart with ₦937.50 per litre, followed closely by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively.

Conversely, Lagos, Niger, and Kwara states reported the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.

Regionally, the North-West Zone recorded the highest average retail price for petrol at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) surged by 66.29% to ₦1403.96 per litre in May 2024 from ₦844.28 per litre in May 2023.

On a month-on-month basis, there was a slight decrease of 0.78% from ₦1415.06 per litre in April 2024.

The report also noted variations in diesel prices across states, with Adamawa State recording the highest average price at ₦1709.00 per litre, followed by Sokoto State at ₦1675.00 and Bauchi at ₦1657.92 per litre. Conversely, Niger State reported the lowest average price at ₦1140.20 per litre, followed by Kano State at ₦1153.33 and Oyo State at ₦1236.92 per litre.

In terms of zones, the North-East Zone had the highest average diesel price at ₦1605.91 per litre, while the South-West Zone had the lowest at ₦1303.60 per litre compared to other regions.

Simultaneously, the average retail price per litre of Household Kerosene (HHK) rose to ₦1,450.35 in May 2024, indicating a 0.74% increase from ₦1,439.64 recorded in April 2024.