Nigeria faces economic turmoil as petrol prices surge by 223% to ₦770 per litre in May 2024, up from ₦238.11 a year ago. The National Bureau of Statistics reports a 9.75% increase month-on-month. Disparities show Jigawa highest at ₦937.50 and Lagos lowest at ₦636.80. Businesses and consumers brace for widespread financial strain.
Nigerians are bracing for a significant surge in living costs as the average price of petrol (Premium Motor Spirit) skyrocketed by a staggering 223.21% to approximately ₦770 per liter in May 2024, according to data released by the National Bureau of Statistics (NBS). This unprecedented hike from ₦238.11 per litre in May 2023 has sent shockwaves through the nation's economy.
The NBS report, titled "Premium Motor Spirit (Petrol) Price Watch for May 2024," revealed that on a month-on-month basis, the increase was a substantial 9.75% compared to ₦701.24 per litre in April 2024. The disparities across states are stark, with Jigawa topping the price chart at ₦937.50 per litre, followed by Ondo at ₦882.67 and Benue at ₦882.22. In contrast, Lagos, Niger, and Kwara recorded the lowest average retail prices at ₦636.80, ₦642.16, and ₦645.15, respectively.
The impact of this price surge is expected to reverberate throughout various sectors, from transportation and logistics to manufacturing and consumer goods. Businesses are likely to face increased operational costs, potentially leading to price hikes for goods and services, further straining household budgets.
Consumers are already feeling the pinch, with transportation costs soaring and daily commutes becoming increasingly burdensome. The ripple effects may also exacerbate inflationary pressures, eroding purchasing power, and diminishing living standards for many Nigerians.
