Premium Motor Spirit (Petrol) Price Watch (May 2022)

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N173.08 in May 2022, indicating a 2.99% increase when compared to the value recorded in May 2021 (N168.06). Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27% from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022.
On state profile analysis, the highest average retail price for Premium Motor Spirit (Petrol) was recorded in Abia with N193.20, followed by Imo and Cross River with N188.24 and N187.65 respectively. On the other hand, the lowest average retail price for Petrol was recorded in Ogun with N165.00, followed by Yobe and Benue with N165.36 and N165.50 respectively. More so, the highest average retail price was recorded in the South-East zone with N186.24, while the North-Central had the least with N168.20.

Data source: National Bureau of Statistics