The average retail price of Premium Motor Spirit (Petrol) in Northern Nigeria has skyrocketed to around ₦937 per liter, according to the latest report from the National Bureau of Statistics (NBS). The report, titled “Premium Motor Spirit (Petrol) Price Watch (May 2024),” highlights a significant price increase following the removal of the petrol subsidy by President Bola Tinubu on May 29, 2023.
In May 2024, consumers in Jigawa State paid the highest price for petrol, reaching ₦937.50 per liter. This marks a sharp rise in petrol prices since the subsidy removal. The report notes that the average price of petrol nationwide stood at ₦769.62 per liter, a 223.21 percent increase from May 2023, when the price was ₦238.11.
Comparing the average price to the previous month, April 2024, there was a 9.75 percent increase from ₦701.24 per liter. State-wise, Jigawa State recorded the highest average retail price at ₦937.50 per liter, followed by Ondo and Benue States, with prices of ₦882.67 and ₦882.22, respectively.
In contrast, Lagos, Niger, and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16, and ₦645.15, respectively. On a zonal analysis, the North-West Zone reported the highest average retail price of ₦845.26 per liter, while the North Central Zone had the lowest at ₦695.04 per liter.
The removal of petrol subsidies has significantly impacted inflation, with the rate soaring to 33.95 percent as of May, according to the NBS. Food inflation also surged, reaching 40 percent. Despite these rising prices, the Nigerian National Petroleum Company Limited (NNPCL) announced that it would not increase petrol prices at its retail outlets nationwide. The company currently sells petrol at around ₦568 per liter, a substantial increase from the ₦238 per liter price in May 2023.
As petrol prices continue to climb towards ₦1,000 per liter in the North, the economic strain on consumers is evident. The NBS report underscores the ongoing challenges faced by Nigerians as the country adjusts to the new pricing regime post-subsidy removal.
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