Read about Nigeria's petrol price surge in May 2024, with Jigawa topping at ₦937/litre post-subsidy removal, affecting inflation and consumer costs nationwide.
In May 2024, the National Bureau of Statistics (NBS) reported a staggering increase in the average retail price of Premium Motor Spirit (Petrol), reaching as high as ₦937 per litre in Jigawa State. This marks a significant rise from previous years, attributed to the removal of petrol subsidies in May 2023 by President Bola Tinubu.
The report highlighted a 223.21% increase compared to May 2023 and a 9.75% increase from April 2024. Jigawa State recorded the highest average price, followed closely by Ondo and Benue States, while Lagos, Niger, and Kwara States had comparatively lower prices. The North-West Zone reported the highest zonal average at ₦845.26, with the North Central Zone recording the lowest at ₦695.04.
This surge in petrol prices has contributed to a sharp rise in inflation rates, reaching 33.95% overall and 40% in food prices. Despite these increases, the Nigerian National Petroleum Company Limited (NNPCL) has maintained stable retail prices of around ₦568 per litre at its outlets nationwide, contrasting with the higher market prices reported by the NBS.
