Nigeria’s Petrol Prices Skyrocket by Over 200% in One Year

By Joke Kujenya

WITH THE average retail price for Premium Motor Spirit (PMS) in May 2024, Nigeria has witnessed a dramatic surge in petrol prices, reaching N769.62 per liter, representing a staggering 223.21% increase compared to May 2023, when it was N238.11 per liter.

This sharp rise has been documented in the latest Petrol Price Watch report released by the National Bureau of Statistics (NBS).

The report highlights a significant month-on-month increase as well, with prices rising by 9.75% from N701.24 in April 2024.

The data, meticulously gathered from over 10,000 respondents across Nigeria’s 774 local government areas, underscores the widespread impact of these price hikes.

Jigawa State recorded the highest average retail price for petrol at N937.50 per liter, followed closely by Ondo and Benue States, with prices at N882.67 and N882.22, respectively.

Conversely, Lagos, Niger, and Kwara States enjoyed the lowest average prices at N636.80, N642.16, and N645.15, respectively.

On a zonal basis, the North-West Zone experienced the highest average retail price at N845.26 per liter, while the North Central Zone had the lowest at N695.04 per liter.

The report’s comprehensive data collection methodology ensures these figures accurately reflect the current market conditions.

This significant increase in fuel prices is expected to have broad economic implications, affecting transportation costs, goods and services prices, and overall household expenditure.

Stakeholders and consumers alike are reportedly bracing for the continued economic challenges posed by these escalating fuel costs.

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