The National Bureau of Statistics (NBS) says the average retail price paid by consumers for premium motor spirit (petrol) increased to N769.62 in May 2024.
NBS, in its petrol price watch for May 2024, released on Thursday, said this shows a 223.21 percent increase compared to N238.11 recorded in May 2023.
“Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price increased by 9.75% from N701.24,” NBS said.
The bureau said in state profile analysis, the highest average retail price for petrol was recorded in Jigawa state at N937.50, followed by Ondo at N882.67 and Benue at N882.22.
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It said the lowest price was recorded in Lagos at N636.80, followed by Niger at N642.16 and Kwara at N645.15.
NBS said analysis by zone showed that the north-west had the highest average retail price at N845.26, while the north-central had the lowest price at N695.04.
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