In May 2024, the average retail price for Premium Motor Spirit (Petrol) in Jigawa State skyrocketed to about ₦937.50 per litre according to the National Bureau of Statistics (NBS) report, ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’.
This surge follows the removal of petrol subsidies by President Bola Tinubu on May 29, 2023.
The report highlights that the national average price paid for petrol in May 2024 was ₦769.62, reflecting a dramatic 223.21 per cent rise compared to ₦238.11 in May 2023.
Additionally, this represents a 9.75 per cent increase from the April 2024 average price of ₦701.24.
State-wise, Jigawa State reported the highest average retail price at ₦937.50 per litre. Ondo and Benue States followed, with average prices of ₦882.67 and ₦882.22, respectively.
Conversely, Lagos, Niger, and Kwara States recorded the lowest average prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
On a zonal basis, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
The NBS also reported that the inflation rate surged to 33.95 per cent as of May 2024, with food inflation reaching 40 per cent, exacerbated by the removal of petrol subsidies.
Despite these soaring prices, the Nigerian National Petroleum Company Limited (NNPCL) announced that it would not increase petrol prices at its retail outlets across the country.
Currently, NNPCL sells petrol at approximately ₦568 per litre, up from around ₦238 in May 2023, according to NBS data.
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