Mkpoikana Udoma
Port Harcourt — The National Bureau of Statistics, NBS, has revealed a staggering 223.21% increase in the average retail price of Premium Motor Spirit, PMS, also known as Petrol, in May 2024, in comparison with the same period in 2023.
The report shows that the average price paid by consumers for Petrol in May 2024 was N769.62 per litre, a significant jump from the N238.11 per litre recorded in May 2023.
On a monthly basis, the price increased by 9.75% from N701.24 per litre in April 2024.
The price hike was felt across all states, with Jigawa State recording the highest average retail price of N937.50 per litre, followed by Ondo and Benue States.
In contrast, Lagos, Niger, and Kwara States had the lowest average retail prices for Petrol, at N636.80, N642.16, and N645.15 per litre, respectively.
The North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.
