Month-on-month, the price increased by 9.75%, up from N701.24 in April 2024. The report highlights that the national average retail price for petrol in May 2024 was N769.62, a significant rise from the previous year and month.
The average retail price of Premium Motor Spirit (Petrol) in Nigeria rose by 223.21% in May 2024, reaching N769.62 per litre, compared to N238.11 per litre in May 2023. This data comes from the National Bureau of Statistics (NBS) Premium Motor Spirit (Petrol) Price Watch report for May 2024.
Regionally, the North West had the highest average price at N845.26, while the North Central had the lowest at N695.04. Jigawa State had the highest price at N937.50, whereas Lagos had the lowest at N636.80.
Source: Punch