The average retail price of Premium Motor Spirit (PMS) increased by 223.21% year-on-year to N769.62 per litre in May 2024 from N238.11 per litre in May 2023.
On a month-on-month basis, there was a 9.75% increase from N701.24 per litre in April 2024.
Jigawa State had the highest PMS price at N937.50 per litre, followed by Ondo and Benue States at N882.67 and N882.22 per litre, respectively.
Lagos, Niger, and Kwara States had the lowest PMS prices at N636.80, N642.16, and N645.15 per litre.
The North-West Zone had the highest average PMS price at N845.26, while the North Central Zone had the lowest at N695.04 per litre.
The average retail price of Automotive Gas Oil (Diesel) rose by 66.29% to N1403.96 per litre in May 2024 from N844.28 per litre in May 2023.
On a month-on-month basis, there was a 0.78% decrease from N1415.06 per litre in April 2024.
The report indicated that in May 2024:
The top three states with the highest average price of the product were Adamawa State (N1709.00), Sokoto State (N1675.00), and Bauchi State (N1657.92).
The top three states with the lowest prices were Niger State (N1140.20), Kano State (N1153.33), and Oyo State (N1236.92).
The North-East Zone had the highest average diesel price at N1605.91, while the South West Zone had the lowest at N1303.60 compared to other zones.
The average retail price per liter of Household Kerosene (HHK) in May 2024 was N1,450.35, reflecting a 0.74% increase from N1,439.64 in April 2024.
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