Petrol price increased to ₦769.62 in May – Report

Petrol price increased to ₦769.62 in May – Report
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World Bank says petrol price in Nigeria should be around ₦750 per litre. [FIJ]

On the other hand, the lowest price was recorded in Niger at ₦1,140.20 per litre, followed by Kano at ₦1153.33 and Oyo at ₦1236.92.

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from ₦238.11 in May 2023 to ₦769.62 in May 2024.

It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday.

It stated that the May 2024 price of ₦769.62 represented a 223.21 per cent increase over the price of ₦238.11 recorded in May 2023.

“Comparing the average price value with the previous month of April, the average retail price increased by 9.75 per cent from ₦701.24.

“On state profiles analysis, Jigawa paid the highest average retail price of 937.50 per litre, followed by Ondo and Benue at 882.67 and 882.22, respectively.

“Conversely, Lagos, Niger and Kwara paid the lowest average retail price at 636.80, 642.16 and 645.15, respectively,’’ it stated.

Analysis by zones showed that the North-West Zone recorded the highest average retail price in May 2024 at ₦845.26, while the North-Central recorded the lowest price of ₦695.04 per litre.

The NBS also stated in its Diesel Price Watch Report for May 2024 that the average retail price was ₦1,403.96 per litre.

It said that the May 2024 price of ₦1,403.96 per litre amounted to a 66.29 per cent increase over the ₦844.28 per litre paid in May 2023

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“On a month-on-month basis, the price increased by 0.78 per cent from the 1,415.06 per litre recorded in April 2024,’’ it added.

On state profile analysis, the report said the highest average price of diesel in May 2024 was recorded in Adamawa at ₦1709.00 per litre, followed by Sokoto at ₦1675.00 and Bauchi at ₦1657.92.

On the other hand, the lowest price was recorded in Niger at ₦1,140.20 per litre, followed by Kano at ₦1153.33 and Oyo at ₦1236.92.

In addition, the analysis by zones showed that the North-East Zone had the highest price of ₦1,605.91 per litre, while the South-West recorded the lowest price at ₦1,303.60 per litre.

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