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The National Bureau of Statistics says the price of Premium Motor Spirit, known as petrol, increased by 223.21 percent to N799.62 per litre in May 2024 from N238.11 same Month last year.
NBS disclosed this recently in its Price Watch for May.
The report noted that Petrol prices increased 9.75 percent to N769.62 per litre in May 2024 compared to N701.24 in April.
On a 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.
Conversely, 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.
On the zonal level analysis, 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.
The development comes as the Nigerian government under the leadership of President Bola Ahmed Tinubu on May 29, 2023, announced fuel subsidy removal which saw the price of the product jump to N600 per litre from around N238 per litre.
Fuel price hikes resulted in the ripple effect of rising inflation in Nigeria. This is as headline and food inflation increased to 33.95 percent and 40.66 percent respectively.
