The rise in petrol price is a result of the president’s decision to remove fuel subsidies, which at the time was deemed too expensive.
Petrol in May 2023, prior to the president’s inauguration sold at ₦238.11 per liter, however, in May this year, it sold for approximately ₦770 per liter.
The report also disclosed that on a month-to-month basis, the price of petrol increased by 9.75 percent recorded from ₦701.24 per litre in April 2024.
Furthermore, the Northern state of Jigawa sold petrol at ₦937.50 per liter, the highest price in the country, a bit more than Ondo and Benue States which sold at N882.67 per liter and ₦882.22 per liter, the second and third highest respectively.
On the flip side, Lagos, Niger, and Kwara states sold at the lowest prices at ₦636.80, ₦642.16, and N645.15, respectively.
“Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00), and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State, namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92),” the report stated.
“The zonal representation of the average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price of ₦1303.60 when compared with other zones. This comes as the average retail price per liter of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 percent when compared to ₦1,439.64 recorded in April 2024,” it added.
