Business

NBS Reports Petrol Prices Reach ₦937 Per Litre:m,Potentially Approaching ₦1,000

Published by Tope Fakinlede on July 2nd, 2024.

NBS Reports Petrol Prices Reach ₦937 Per Litre:m,Potentially Approaching ₦1,000

Following the removal of fuel subsidies by President Bola Tinubu on May 29, 2023, petrol prices in Nigeria have seen a significant rise. The National Bureau of Statistics (NBS) has disclosed 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 surge in petrol prices marks a 223.21% increase compared to May 2023, when the price was ₦238.11 per litre, and a 9.75% rise from April 2024, when the price was ₦701.24 per litre.

In its report titled “Premium Motor Spirit (Petrol) Price Watch (May 2024),” the NBS provided a state-by-state analysis. Jigawa had the highest average retail price at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively. Conversely, Lagos, Niger, and Kwara States recorded the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.

The report also highlighted regional price variations, with the North-West Zone experiencing the highest average retail price at ₦845.26 per litre, while the North Central Zone had the lowest at ₦695.04 per litre.

The NBS noted that the removal of petrol subsidies has contributed to a sharp increase in the inflation rate, which reached 33.95% as of May 2024, with food inflation soaring to 40%.

Despite the Nigerian National Petroleum Company Limited (NNPCL) announcing that it would maintain current prices at its retail outlets nationwide, petrol prices in the Northern region are nearing ₦1,000 per litre. NNPCL’s outlets are selling petrol at approximately ₦568 per litre, a substantial jump from the ₦238 per litre recorded in May 2023, according to NBS data.