The report titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’ highlights a significant rise in petrol prices across Nigeria, particularly since the removal of petrol subsidies by President Bola Tinubu on May 29, 2023. According to the report, consumers in Jigawa State faced the highest petrol prices at ₦937.50 per litre, reflecting a continuous increase in costs.
On average, the price paid for petrol nationwide was ₦769.62 in May 2024, marking a substantial 223.21 percent increase from ₦238.11 in May 2023. Compared to the previous month, April 2024, the average retail price rose by 9.75 percent from ₦701.24.
In terms of state-by-state analysis, Jigawa State recorded the highest average retail price at ₦937.50 per litre, followed by Ondo State at ₦882.67 and Benue State at ₦882.22. Conversely, Lagos, Niger, and Kwara States had the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15 respectively.
The North-West Zone had the highest zonal average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04. Following the subsidy removal, the inflation rate soared to 33.95 percent in May, with food inflation reaching 40 percent, as reported by the National Bureau of Statistics (NBS).
Interestingly, despite these rising prices, the Nigerian National Petroleum Company Limited (NNPCL) announced it would not increase petrol prices at its retail outlets, maintaining a price of around ₦568 per litre, up from ₦238 in May 2023. The NBS’s latest data indicates that pump prices are nearing ₦1,000 per litre in the northern regions, underscoring the dramatic impact of subsidy removal on petrol costs.