Business

PMS Price Increased By 223% In May

Staff Admin
Staff Admin

Data from the National Bureau of Statistics (NBS) has revealed that the average price of Premium Motor Spirit (PMS) increased by 223 per cent to approximately N770 per litre in May 2024 from N238.11 per litre recorded in the corresponding period of 2023. The bureau explained in its latest report on its PMS Price Watch for May 2024 that on a month-on-month basis, an increase of 9.75 per cent was recorded from N701.24 per litre in April 2024.

It noted 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. The NBS report further said that the North-West Zone had the highest average retail price of N845.26, while the North Central Zone had the lowest price of N695.04.

Also, average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29 per cent to N1403.96 per litre in May 2024 from N844.28 per litre recorded in May 2023. On a month-on-month, MoM basis, a decrease of 0.78 per cent was recorded from N1415.06 per litre in April 2024. It said: “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 (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92).

In addition, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33), and Oyo State (N1236.92). The zonal representation of average price of diesel 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.

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