Premium Motor Spirit (Petrol) Price Watch (May 2024)

Executive Summary

The average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21% increase compared to the value recorded in May 2023 (N238.11). Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price increased by 9.75% from N701.24. On State profile analysis, Jigawa State had the highest average retail price for Premium Motor Spirit (Petrol), at N937.50, Ondo and Benue States were next, with N882.67 and N882.22, respectively. On the other side, Lagos, Niger and Kwara States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N636.80, N642.16 and N645.15 respectively. Lastly, on the Zonal profile, 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.

Data source: National Bureau of Statistics