The average price of Premium Motor Spirit (PMS), also known as petrol, rose by 223.21 per cent to approximately ₦770 per litre in May 2024 from ₦238.11 per litre recorded in the corresponding period of 2023.

The National Bureau of Statistics made this known in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024.

According to the study, there was a 9.75% monthly increase from ₦701.24 per litre in April 2024.

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Jigawa State led the price chart, according to the report, with ₦937.50 per litre. Ondo and Benue States came in second and third, with ₦882.67 and ₦882.22 per liter, respectively.

However, Lagos, Niger, and Kwara states emerged with the lowest average retail prices for the product at ₦636.80, ₦642.16 and N645.15, respectively, according to the NBS report.

On the zonal profile, the North West Zone had the highest average retail price of ₦845.26, while the North Central Zone had the lowest price of ₦695.04.

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“Looking at the variations in the state prices, Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92) are the top three states with the highest average price of the product in May 2024,” the research said. Moreover, the next three states had the lowest prices: Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).READ ALSO: JUST IN: Nnamdi Kanu Seeks Negotiation With FG Over Alleged Terrorism ChargesWhen compared to other zones, the North-East Zone has the highest average price of ₦1605.91, while the South West Zone has the lowest price of ₦1303.60, according to the zonal representation of the average price of fuel.

“This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.”