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.

The post Fuel Prices Surge: PMS Hits ₦770/L, Diesel at ₦1403.96/L in May 2024 – NBS first appeared on MegaIcon Magazine.

The post Fuel Prices Surge: PMS Hits ₦770/L, Diesel at ₦1403.96/L in May 2024 – NBS appeared first on MegaIcon Magazine.