The average retail price paid by consumers for Premium Motor Spirit (Petrol) in May 2023 was N238.11, indicating an increase of 37.57% relative to the value recorded in May 2022 (N173.08). Likewise, comparing the average price value with the previous month (i.e. April 2023), the average retail price decreased by 6.28% from N254.06.

On state profile analysis, Imo state had the highest average retail price for Premium Motor Spirit (Petrol) with N300.00, followed by Gombe with N299.77 and Jigawa with N297.50. On the other hand, Abuja recorded the lowest average retail price for Premium Motor Spirit (Petrol) with N195.00, followed by Niger with N201.82 and Plateau with N203.33. In addition, analysis by zone showed that the South-East recorded the highest average retail price in May 2023 with N256.64, while the North-Central had the lowest with N208.74. 

Data source: National Bureau of Statistics

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