Conversely, Lagos, Niger, and Kwara States had the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
By Nkiruka Aduba
The National Bureau of Statistics (NBS) has reported that the average retail price of petrol in May 2024 was ₦769.62 per litre, with Jigawa State recording the highest price at ₦937.50 per litre. This marks a significant increase of 223.21% compared to May 2023 (₦238.11) and a 9.75% rise from April 2024 (₦701.24).
The steady increase in petrol prices began after the subsidy removal by President Bola Tinubu on May 29, 2023. The NBS report titled “Premium Motor Spirit (Petrol) Price Watch (May 2024)” indicates that Jigawa had the highest average retail price for petrol at ₦937.50, followed by Ondo and Benue States at ₦882.67 and ₦882.22, respectively.
Conversely, Lagos, Niger, and Kwara States had the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15, respectively. Regionally, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
According to the NBS, the removal of petrol subsidies led to an inflation rate of 33.95% as of May, with food inflation reaching 40%. Additionally, petrol prices in the Northern region are nearing ₦1,000 per litre, despite the Nigerian National Petroleum Company Limited (NNPCL) maintaining its prices at around ₦568 per litre at its retail outlets nationwide. This is a significant rise from the ₦238 per litre recorded in May 2023, based on NBS data.
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