….As Petrol Price Surges 223.21% Y-o-Y
Industrialists and other users of Automotive Gas Oil (Diesel) bought the item at 0.78% cheaper in May this year at N1403.96 per litre when compared to N1415.06 they paid for the same volume in the preceding month, the National Bureau of Statistics (NBS) has reported.
In the statistics agency’s report titled ‘Automotive Gas Oil (Diesel) Price Watch (May 2024)’ published on Wednesday, the average retail price paid by consumers for the commodity, however, increased by 66.29% on a year-on-year basis from a lower cost of N844.28 per litre recorded in the corresponding month of last year.
The Bureau reported that looking at the variations in the State prices, the top three States with the highest average price of the product in May 2024 were Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92).
According to the data on the AGO pricing for the month under reviews, the states with top three lowest prices were Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92).
The Zonal representation of average price of Diesel in May this year showed that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price N1303.60 when compared with other Zones.
Meanwhile, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21% increase compared to the N238.11 value they purchased the commodity in May 2023.
Similarly, comparing the average price value of the item in the month under review with the average retail price paid by consumers in April this year showed that the price increased by 9.75% from N701.24.
The NBS in its ‘Premium Motor Spirit (Petrol) Price Watch (May 2024) published on Wednesday, June 19, indicated that when analyzed on state-by-state basis, Jigawa State buyers paid the highest average retail price for the item at N937.50 while Ondo and Benue States’ consumers were next, with N882.67 and N882.22 paid by them per litre of the product respectively.
Conversely, the statistics agency reported that Lagos, Niger and Kwara States’ buyers paid the lowest average retail prices at N636.80, N642.16 and N645.15 per litre of petrol at respectively in the month.
On Zonal profile, the report reflected that North-West Zone buyers paid the highest average retail price of N845.26, while consumers in North Central Zone paid the lowest price of N695.04 per litre of petrol in the month.
