The average retail price of a litre of petrol has increased from ₦238.11 in May 2023 to N769.62 in May 2024.
The National Bureau of Statistics (NBS) made this declaration in its Petrol Price Watch for May 2024, released in Abuja on Wednesday.
This shows a 223.21 percent increase in the price of petrol from May 2023 to May 2024.
It was also analyzed that there has also been a 9.75% increase in price of petrol from April 2024 to may 2024.
“Conversely, Lagos, Niger and Kwara paid the lowest average retail price at ₦636.80, ₦642.16 and ₦645.15, respectively,’’ it stated.
Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at ₦845.26, while the North-Central recorded the lowest price of ₦695.04 per litre.
The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was ₦1,403.96 per litre. It said that the May 2024 price of ₦1,403.96 per litre amounted to a 66.29 per cent increase over the ₦844.28 per litre paid in May 2023.
“On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at ₦1709.00 per litre, followed by Sokoto at ₦1675.00 and Bauchi at ₦1657.92.”
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