Fuel Price Skyrockets to ₦770/Ltr in May — NBS Report

Price of petrol increases to #770 per liter in May 2024 according to NBS

Petrol prices soar by 223% in one year, reaching ₦770 per liter in May 2024, according to NBS report. Diesel prices also surge by 66% to ₦1403.96 per liter. Get the full details and state-by-state breakdown.

The average cost of Premium Motor Spirit (PMS), also referred to as gasoline, has increased dramatically from $238.11 per litre in May 2023 to around #770 per litre in May 2024, a 223.21% increase.

The National Bureau of Statistics (NBS) recently released its Premium Motor Spirit (Petrol) Price Watch report, which highlighted this increase.

As per the NBS data, the monthly increase in petrol prices was 9.75%, with a rise from #701.24 per litre in April 2024 to #770 per litre in May 2024.

Jigawa had the highest average petrol price among the states, at #937.50 per liter. Ondo and Benue came in second and third, with #882.67 and #882.22 per litre, respectively.

On the other hand, the states of Lagos, Niger, and Kwara had the lowest average retail prices per litre, at N636.80, #642.16, and #645.15, respectively.

The average retail price of automotive gas oil (diesel) increased significantly, as reported in the study. It went from #844.28 per litre in May 2023 to #1403.96 per litre in May 2024, a 66.29% rise.

However, there was a minor drop of 0.78% on a monthly basis, from $1415.06 per liter in April 2024.

With a price per liter of $1709.00, Adamawa State had the highest diesel prices, followed by Sokoto at $1675.00 and Bauchi at #1657.92.

Niger State (#1140.20), Kano State (N1153.33), and Oyo State (N1236.92) had the lowest diesel prices.

At $1605.91 a litre, the North-East Zone had the highest average price for diesel.