New Petrol Price As Reports Show States Motorists Pay Less, NNPC Push for N200 Alternative

• The National Bureau of Statistics has once again revealed that the average price of petrol increased
• The new data shows that new average fuel prices for a litre sold at filling stations across the country
• Once more, petrol remains cheapest in the western states of Nigeria, with higher prices in the northern states

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) says the average retail price of a litre of the Premium Motor Spirit, popularly known as petrol, increased in the month of May 2024 to N769.62.

The new petrol price indicates a 223.21% increase compared to the average petrol pump price of N238.11 recorded on May 2023.

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NBS stated this in its latest PMS price watch report, which was published on its website and obtained by Legit.ng.

The report also indicated that when the average price in May 2024 is compared to the N701.24 paid in April 2024, Nigerians paid 9.75% more for petrol.

Petrol cheapest in the western states

Furthermore, the NBS provided a breakdown of state-by-state analysis, revealing that Lagos, Niger and Kwara States residents enjoyed the lowest average retail prices for petrol, at N636.80, N642.16 and N645.15 respectively.

Punch reports that by zone, the North-West Zone had the highest average retail price at N845.26, while the North Central Zone had the lowest price at N695.04.

Here are the ten states where Nigerians paid the highest prices

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1. Lagos: N636.80
2. Niger: N642.16
3. Kwara: N645.15
4. Nasarawa: N659.44
5. Abuja: N662.73
6. Plateau: N675.93
7. Bauchi: N693.81
8. Kogi: N697.66
9. Ogun: N730
10. Cross River: N740

Dangote refinery crashes diesel price

Earlier, Legit.ng reported that the pump price of petrol at the Dangote and PH refineries is about to crash to N500 per litre.

There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150.

The Dangote Refinery has already begun reducing the diesel price from N1,700 to N1,000 per litre.

Source: Legit.ng