The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.
The National Bureau of Statistics (NBS) has reported that the average retail price of petrol in May 2024 was ₦769.62 per litre, with Jigawa State recording the highest price of ₦937.50 per litre.
This represents a significant increase of 223.21% compared to May 2023 (₦238.11) and a 9.75% rise from April 2024 (₦701.24).
The steady increase in petrol prices commenced after the subsidy removal by President Bola Tinubu on May 29, 2023.
Titled: “Premium Motor Spirit (Petrol) Price Watch (May 2024),” the NBS report stated on State by State profile analysis that Jigawa, had the highest average retail price for the commodity at ₦937.50, followed by Ondo and Benue States with ₦882.67 and N882.22, respectively.
On the other side, Lagos, Niger and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16 and ₦645.15respectively.
Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.
According to NBS, with the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, with food inflation as high as 40 per cent.
The National Bureau of Statistics (NBS) has reported that petrol prices are approaching ₦1,000 per litre in the Northern region, despite the Nigerian National Petroleum Company Limited (NNPCL) announcing that it will maintain its current prices at its retail outlets nationwide.
NNPCL’s retail outlets currently sell petrol at around ₦568 per litre, which is a significant increase from the ₦238 per litre recorded in May 2023, according to NBS data.
