The National Bureau of Statistics (NBS) has reported significant increases in both petrol and diesel prices for May 2024 compared to the previous year, highlighting substantial economic impacts.
According to the NBS Petrol Price Watch released in Abuja on Wednesday, the average retail price of petrol soared from N238.11 per litre in May 2023 to N769.62 per litre in May 2024. This marks a staggering 223.21% increase year-on-year. In comparison to April 2024, petrol prices rose by 9.75% from N701.24 per litre.
State-level analysis revealed Jigawa with the highest average retail price of petrol at N937.50 per litre, followed closely by Ondo and Benue at N882.67 and N882.22, respectively. Conversely, Lagos, Niger, and Kwara reported the lowest average prices at N636.80, N642.16, and N645.15 per litre, respectively.
In terms of diesel prices, the NBS Diesel Price Watch for May 2024 reported an average retail price of N1,403.96 per litre, reflecting a 66.29% increase from N844.28 per litre in May 2023. Month-on-month, diesel prices decreased slightly by 0.78% from N1,415.06 per litre in April 2024.
State-wise, Adamawa recorded the highest average diesel price at N1,709.00 per litre, followed by Sokoto at N1,675.00 and Bauchi at N1,657.92. On the contrary, Niger reported the lowest diesel price at N1,140.20 per litre, followed by Kano at N1,153.33 and Oyo at N1,236.92 per litre.
Analysis by zones indicated the North-East Zone with the highest diesel price at N1,605.91 per litre, while the South-West recorded the lowest at N1,303.60 per litre.
These reports underscore the varied economic pressures across different regions and states in Nigeria, impacting both consumers and businesses reliant on these fuel commodities.
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