THE National Bureau of Statistics (NBS) reported a significant surge in the average retail price paid by consumers for Premium Motor Spirit (Petrol) in the Northern region of Nigeria, in May 2024, reaching approximately ₦937 per litre.

According to the report ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, Jigawa State recorded the highest petrol price at ₦937.50, indicating a continuous upward trend in prices following President Bola Tinubu’s removal of petrol subsidies on May 29, 2023.

The report highlighted an average petrol price of ₦769.62, showcasing a substantial 223.21% increase compared to May 2023 (₦238.11). Moreover, the average retail price rose by 9.75% from ₦701.24 in April 2024.

In terms of state profiles, Jigawa State led with an average retail price of ₦937.50, followed by Ondo and Benue States at ₦882.67 and ₦882.22 respectively. Conversely, Lagos, Niger, and Kwara States reported the lowest prices at ₦636.80, ₦642.16, and ₦645.15 respectively.

Analyzing the zonal profiles, the North-West Zone had the highest average retail price at ₦845.26, while the North Central Zone reported the lowest price at ₦695.04.

Following the removal of petrol subsidies, inflation rates surged to 33.95% in May, with food inflation peaking at 40%.

Despite the NBS projecting petrol prices nearing ₦1,000 per litre in the North, the Nigerian National Petroleum Company Limited (NNPCL) emphasized its stance on maintaining petrol prices at around ₦568 per litre across its retail outlets nationwide, compared to ₦238 in May 2023.

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