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
“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.