UPDATE: PETROL PRICE RISES BY 223% TO N770 PER LITRE – NBS
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According to data from the National Bureau of Statistics (NBS), the average price of Premium Motor Spirit (PMS), generally known as gasoline, increased by 223.21% to almost N770 per liter in May 2024 from N238.11 per liter reported in the similar period of 2023.
In its report, Premium Motor Spirit (Petrol) Price Watch for May 2024, the statistics agency revealed this. It stated that, month over month, there was a 9.75% increase from N701.24 per liter in April 2024.
Jigawa State led the price chart, according to the report, with N937.50 per liter. Ondo and Benue States came in second and third, with N882.67 and N882.22 per liter, respectively.
According to the NBS survey, the states of Lagos, Niger, and Kwara had the lowest average retail costs for the commodity, at N636.80, N642.16, and N645.15, respectively.
The North Central Zone had the lowest average retail price of N695.04 on the zonal profile, while the North-West Zone had the highest average retail price of N845.26.
In the meantime, consumers paid 66.29 percent more on average for Automotive Gas Oil (Diesel) at retail in May 2024, up from N844.28 per litre in May 2023.
A drop of 0.78 percent was observed on a month-over-month, MoM basis from N1415.06 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 (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33), and Oyo State (N1236.92).
When compared to other zones, the North-East Zone has the highest average price of N1605.91, while the South West Zone has the lowest price of N1303.60, according to the zonal representation of diesel prices.
This is in light of the fact that customers paid an average retail price of N1,450.35 per liter for household kerosene (HHK) in May 2024, up 0.74 percent from M1,439.64 in April of the same year.
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