Compared to N238.11 per litre in May 2023, the average retail price of Premium Motor Spirit (Petrol) in Nigeria increased by 223.21% to N769.62 in May 2024.
The National Bureau of Statistics (NBS) Premium Motor Spirit (Petrol) Price Watch report for May 2024 is the source of this information.
The survey also showed that from N701.24 in April 2024 to May 2024, the average retail price climbed by 9.75% month over month.
“The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21% increase compared to the value recorded in May 2023 (N238.11). Similarly, the average retail price climbed by 9.75% from N701.24 as compared to the previous month (April 2024),” a portion of the report stated.
Additionally, the research stated that, in May 2024, the national average retail price per liter of gasoline was N769.62; however, the average prices in each geographical zone were N695.04 for North Central, N777.04 for North East, and N845.26 for North West. The average values for the South East, South-South, and South West zones were N766.21, N770.01, and N763.39.
According to the data, the average retail price in the North West Zone was the highest at N845.26, while the average price in the North Central Zone was the lowest at N695.04.
The average retail price of gasoline in each of the 36 states and the Federal Capital Territory (FCT), Abuja, was also highlighted in the NBS study. At N937.50, Jigawa State had the highest retail price, followed by Benue at N882.22 and Ondo at N882.67.
Conversely, the lowest average retail rates for gasoline were found in Lagos, Niger, and Kwara States, where the prices were N636.80, N642.16, and N645.15, respectively.
Changes in monthly gas prices from May 2023 to May 2024
The NBS study provides further data to illustrate the increase in the average retail price of gasoline during these 12 months, from N238.11 per litre in May 2023 to N769.62 per litre in May 2024.
The price increased by 129.22% from N238.11 per litre in May 2023 to N545.83 in June 2023. The price went up to N600.35 in July 2023, a 10.00% increase over the previous month. In August 2023, the price increased by 4.39% to N626.70, indicating that the increasing trend was still in place.
There was a minor month-over-month drop in September 2023, falling by 0.08% to N626.21. But in October 2023, the price increased once again to N630.63, a 0.71% increase. It then continued to rise, reaching N648.93 in November 2023, a 2.90% increase, and ending the year at N671.86, a 3.53% increase, in December 2023.
In January 2024, there was a slight monthly dip to N668.30, or 0.53%, while in February 2024, there was an increase to N679.36, or 1.65%. The price increased further, reaching N696.79 in March 2024 (a 2.56% increase) and N701.24 in April 2024 (a 0.64% increase). In May 2024, the price reached N769.62, a noteworthy 9.75% increase from the previous month.
