The National Bureau of Statistics (NBS) says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased in the month of May 2024 to N769.62.
The new petrol price indicates a 223.21% increase compared to the average petrol pump price of N238.11 recorded on May 2023.
NBS stated this in its latest PMS price watch report, which was published on its website and obtained by TimesNow.com.ng.
The report also indicated that when the average price in May 2024 is compared to the N701.24 paid in April 2024, Nigerians paid 9.75% more for petrol.
Furthermore, the NBS provided a breakdown of state-by-state analysis, revealing that Lagos, Niger and Kwara States residents enjoyed the lowest average retail prices for petrol, at N636.80, N642.16 and N645.15 respectively.
Punch reports that by zone, the North-West Zone had the highest average retail price at N845.26, while the North Central Zone had the lowest price at N695.04.
Earlier, TimesNow.com.ng reported that the pump price of petrol at the Dangote and PH refineries is about to crash to N500 per litre.
There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150.
The Dangote Refinery has already begun reducing the diesel price from N1,700 to N1,000 per litre.
Source: TimesNow.com.ng
