Lagos, Niger and Kwara states have topped the lists of states with the cheapest average retail prices for Premium Motor Spirit (PMS) popularly called petrol as the product sold at ₦636.80, ₦642.16 and N645.15 respectively, the National Bureau of Statistics (NBS) has disclosed.
This is even as the average price of the product shot up by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023, the bureau disclosed.
The bureau in its Premium Motor Spirit (Petrol) Price Watch for May 2024, noted that on a month-on-month basis, the product recorded an increase of 9.75 per cent from ₦701.24 per litre in April 2024.
According to the report, Jigawa State topped the price chart at ₦937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and ₦882.22 per litre, respectively.
However, Lagos, Niger and Kwara states emerged with the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15 respectively, according to the NBS report.
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.
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Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to ₦1403.96 per litre in May 2024 from ₦844.28 per litre recorded in May 2023.
On a month-on-month, MoM basis, a decrease of 0.78 per cent was recorded from ₦1415.06 per litre in April 2024.
The report stated “ Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).
The zonal representation of average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦1303.60 when compared with other zones.
This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.
By: Babajide Okeowo
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