National Average Petrol price rises by 223.21% year-on-year in May 2024

The average retail price of Premium Motor Spirit (Petrol) in Nigeria for May 2024 surged by 223.21 percent to N769.62 per litre, compared to N238.11 per litre in May 2023.

This data is sourced from the National Bureau of Statistics (NBS) Premium Motor Spirit (Petrol) Price Watch report for May 2024.

The report also highlighted that, month-on-month, the average retail price in May 2024 increased by 9.75 percent, up from N701.24 in April 2024.

“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21 percent increase compared to the value recorded in May 2023 (N238.11). Likewise, comparing the average price value with the previous month (i.e., April 2024), the average retail price increased by 9.75 percent from N701.24,” the report read in part.

Furthermore, the report noted that while N769.62 was the national average retail price per litre of petrol in May 2024, each geopolitical zone had its respective average prices: North Central at N695.04, North East at N777.04, and North West at N845.26. The South East zone’s average was N766.21, South-South N770.01, and South West N763.39.

The analysis indicated that the North West Zone had the highest average retail price at N845.26, while the North Central Zone had the lowest price at N695.04.

The NBS report also highlighted the average retail price for petrol in each of the 36 states plus the Federal Capital Territory (FCT), Abuja. Jigawa State ranked as having the highest retail price at N937.50, followed by Ondo at N882.67 and Benue at N882.22.

On the other hand, Lagos, Niger, and Kwara States had the lowest average retail prices for petrol, at N636.80, N642.16, and N645.15 respectively.

Providing additional data to highlight the rise in the average retail price of petrol from N238.11 per litre in May 2023 to N769.62 per litre in May 2024, the NBS report shows the monthly average retail prices for petrol over this 12-month period.

Starting from N238.11 per litre in May 2023, the price rose to N545.83 in June 2023, a 129.22 percent increase. In July 2023, the price further increased to N600.35, a 10.00 percent rise from the previous month. The upward trend continued in August 2023 with a price of N626.70, marking a 4.39 percent increase.

In September 2023, there was a slight month-on-month decline to N626.21, a 0.08 percent decrease.

However, the price rose again to N630.63 in October 2023, a 0.71 percent increase, continuing on an upward trajectory to N648.93 in November 2023, a 2.90 percent rise, and closing the year at N671.86 in December 2023, a 3.53 percent increase.

By January 2024, there was a minimal decline month-on-month to N668.30, a 0.53 percent decrease, followed by a rise to N679.36 in February 2024, a 1.65 percent increase.

The price continued to climb to N696.79 in March 2024, a 2.56 percent increase, and to N701.24 in April 2024, a 0.64 percent rise, before reaching N769.62 in May 2024, a significant 9.75 percent increase from the previous month.

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