The National Bureau of Statistics (NBS) recently released its “Premium Motor Spirit (Petrol) Price Watch for May 2024,” revealing a significant increase in fuel prices across Nigeria. Here’s a detailed breakdown of the report’s findings:
Petrol Price Surge: A Triple-Digit Increase
- The average price of petrol, also known as Premium Motor Spirit (PMS), skyrocketed by a staggering 223.21% year-on-year in May 2024.
- Compared to May 2023’s price of ₦238.11 per litre, Nigerians paid an average of ₦770 per litre in May 2024.
- This translates to a month-on-month increase of 9.75% as well, up from ₦701.24 per litre recorded in April 2024.
Regional Variations: A Patchwork of Prices
The report highlights significant price disparities across Nigerian states.
- Highest Petrol Prices: Jigawa State topped the chart with the most expensive petrol at a whopping ₦937.50 per litre. Ondo and Benue followed closely behind with prices of ₦882.67 and ₦882.22 per litre, respectively. These states fall within the North-West and North-Central geopolitical zones.
- Lowest Petrol Prices: Lagos emerged as a beacon of affordability with the lowest average price at ₦636.80 per litre. Neighbouring states, Niger and Kwara, also offered some relief with prices of ₦642.16 and N645.15 per litre, respectively. These states are all located in the South-West geopolitical zone.
- Zonal Breakdown: Looking at broader regions, the North-West zone had the highest average price of ₦845.26 per litre, while the North Central zone offered the lowest average price at ₦695.04 per litre. This indicates a significant price difference between the north and the south.
Diesel Prices Up, But a Dip Compared to April
- The average retail price of Automotive Gas Oil (Diesel) also saw an increase, but not as dramatic as petrol.
- Diesel prices rose by 66.29% year-on-year, reaching ₦1403.96 per litre in May 2024 compared to ₦844.28 per litre in May 2023.
- However, there was a slight decrease of 0.78% compared to April 2024, where the average price was ₦1415.06 per litre.
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Diesel Price Variations: Another Regional Story
Similar to petrol, diesel prices also displayed regional variations.
- Highest Diesel Prices: Adamawa State held the dubious honour of having the most expensive diesel at a staggering ₦1709.00 per litre. Sokoto and Bauchi followed with prices of ₦1675.00 and ₦1657.92 per litre, respectively. These states are all located in the North-East geopolitical zone.
- Lowest Diesel Prices: Niger, Kano, and Oyo states provided some respite with the lowest average diesel prices. Prices in these states were ₦1140.20, ₦1153.33, and ₦1236.92 per litre, respectively.
Kerosene Prices See Modest Increase
- The average retail price per litre of Household Kerosene (HHK) also witnessed an increase, but to a much lesser extent compared to petrol and diesel.
- In May 2024, Nigerians paid an average of ₦1,450.35 per litre for Kerosene, representing a mere 0.74% increase from April 2024’s price of ₦1,439.64 per litre.
Zonal Kerosene Prices: South-West Offers Relief
- The North-East zone again emerged as the region with the highest average kerosene price at ₦1605.91.
- In contrast, the South-West zone offered the most affordable kerosene with an average price of ₦1303.60 per litre.
Conclusion: A Pricey Landscape with Regional Disparities
The NBS report paints a picture of a nation grappling with significant fuel price increases. The substantial rise in petrol and diesel prices is bound to have a cascading effect on the cost of goods and services, potentially impacting Nigerians’ purchasing
