The average retail price of Premium Motor Spirit (petrol) in Nigeria has been steadily climbing since the removal of the fuel subsidy in 2023, affecting virtually all sectors of the economy.
According to the latest report from the National Bureau of Statistics (NBS), the nation’s average petrol price was N769.62 in May 2024, a 9.75% increase from N701.24 in April 2024.
On a year-on-year basis, the retail price soared by an astonishing 223.21%, up from N238.11 per litre in May 2023.
Here are the top 10 states in Nigeria where petrol prices were the highest in May 2024, as per the NBS report:
10. Adamawa
In May 2024, Adamawa State, located in the North West zone, saw petrol prices at N798.60 per litre.
- This reflects a 7.68% increase from April’s average of N741.67. On a year-to-year basis, the price surged by 234.30%, up from N238.89 in May 2023.
9. Borno
Borno State, also in the North West zone, had petrol prices averaging N800.32 per litre in May 2024.
- This represents a 7.58% rise from April 2024’s average of N743.91. Compared to May 2023, when the price was N248.18 per litre, there was a significant year-on-year increase of 222.47%.
8. Kaduna
In Kaduna State, located in the North West, consumers paid an average of N815.94 per litre in May 2024.
- This marks a substantial 16.62% increase from April’s average of N699.64. Compared to May 2023, when the price was N280.00 per litre, the year-on-year rise was 191.41%.
7. Taraba
Taraba State, in the North East, saw average petrol prices at N818.35 per litre in May 2024.
- This is an 8.84% increase from April 2024’s average of N751.89. On a year-to-year basis, the price surged by 177.42%, up from N295 in May 2023.
6. Zamfara
In Zamfara State, North West zone, petrol prices averaged N835.83 per litre in May 2024, marking a 10.81% increase from April’s average of N754.29.
- Compared to May 2023’s price of N243.27 per litre, there was a remarkable year-on-year rise of 243.58%.
5. Sokoto
Sokoto State, in the North West, had consumers paying an average of N872.50 per litre in May 2024.
- This is a 22.31% increase from April’s average of N713.33. On a year-to-year basis, the retail price surged by 328.40%, up from N203.67 in May 2023.
4. Kebbi
Kebbi State, in the North West, saw petrol prices at N880 per litre in May 2024.
- This represents a 21.74% increase from April 2024’s average of N722.86. Compared to May 2023’s price of N286.40 per litre, there was a significant year-on-year rise of 207.26%.
3. Benue
In Benue State, North Central zone, consumers paid an average of N822.22 per litre in May 2024.
- This marks a 23.62% increase from April 2024’s average of N713.64. Compared to May 2023, when the price was N208.13 per litre, the year-on-year rise was 323.89%.
2. Ondo
Ondo State, in the South West zone, had petrol prices averaging N882.67 per litre in May 2024.
- This represents a 31.50% increase from April’s average of N671.25. Compared to May 2023’s price of N232.75 per litre, there was a significant year-on-year rise of 279.23%.
1. Jigawa
Jigawa State, in the North West zone, ranked as the most expensive state for petrol in May 2024, with consumers paying an average of N937.50 per litre.
- This represents a 31.76% increase from April 2024’s average of N711.54. On a year-on-year basis, this was 215.13% higher than the N297.50 consumers paid in May 2023.
