The National Bureau of Statistics (NBS) has said that the average retail price paid by consumers for Premium Motor Spirit (Petrol) increased to N937 per litre in Jigawa State.
According to the report ‘Premium Motor Spirit Price Watch (May 2024)’, on a state profile analysis, that consumers in Jigawa State paid the highest price of N937.50 for petrol.
This signals a continuous rise in the price of the commodity since the removal of petrol subsidy by President Bola Tinubu on May 29, 2023.
The report noted that the average price paid for petrol was N769.62, indicating a 223.21 per cent increase compared to the value recorded in May 2023 (N238.11).
Comparing the average price value with April 2024, the average retail price increased by 9.75 per cent from N701.24.
On State profile analysis, Jigawa State had the highest average retail price for the commodity at N937.50, Ondo and Benue States were next, with ₦882.67 and N882.22, respectively.
On the other side, Lagos, Niger and Kwara States had the lowest average retail prices, at N636.80, N642.16 and N645.15 respectively.
On the Zonal profile, 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.
Following the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, according to NBS, with food inflation as high as 40 per cent.
