Fuel price rises to N769.62 per litre — NBS
The national average retail price paid by consumers for Premium Motor Spirit, PMS, otherwise known as petrol increased year-on-year, YoY, by 223.21 percent to N769.62 per litre in May 2024 from N238.11 per litre recorded in the corresponding period of 2023. Furthermore, On a month-on-month, MoM basis, an increase of 9.75 percent was recorded from N701.24 per litre in April 2024. The National Bureau of Statistics, NBS, disclosed this in its report, Premium Motor Spirit (Petrol) Price Watch for May 2024, which showed that Jigawa State topped the price chart at N937.50 per litre, followed by Ondo and Benue States with N882.67 per litre and N882.22 per litre, respectively. However, Lagos, Niger and Kwara States emerged with the lowest average retail prices for the product at N636.80, N642.16 and N645.15 respectively according to the NBS report. On Zonal profile, the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the ...