Petrol Prices Soar in Northern Nigeria, Jigawa State Tops the List

The average retail price of Premium Motor Spirit (Petrol) in May 2024 surged dramatically to approximately ₦937 per litre in Northern Nigeria, as reported by the National Bureau of Statistics (NBS).

The NBS's report, titled ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, highlighted that consumers in Jigawa State experienced the highest prices, paying ₦937.50 per litre.

This marks a continuing trend of rising fuel costs since President Bola Tinubu removed the petrol subsidy on May 29, 2023.

According to the report, the national average price for petrol stood at ₦769.62 in May 2024.

This represents a staggering 223.21 percent increase compared to the same month in 2023, where the average price was ₦238.11.

The comparison with the previous month, April 2024, also shows a significant rise, with prices increasing by 9.75 percent from ₦701.24.

State-wise, Jigawa State recorded the highest average retail price at ₦937.50. Following closely were Ondo and Benue States, with average prices of ₦882.67 and ₦882.22, respectively.

Conversely, Lagos, Niger, and Kwara States had the lowest average retail prices, at ₦636.80, ₦642.16, and ₦645.15, respectively.

On a zonal analysis, the North-West Zone reported the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.

The removal of petrol subsidies has significantly impacted the inflation rate, which reached 33.95 percent in May 2024. Food inflation has been particularly severe, hitting 40 percent.

The NBS’s revelation of rising pump prices, edging towards ₦1,000 per litre in the North, comes despite assurances from the Nigerian National Petroleum Company Limited (NNPCL).

The NNPCL stated it would not increase petrol prices at its retail outlets, which currently sell at approximately ₦568 per litre. This is a considerable hike from the ₦238 per litre recorded in May 2023.

The latest figures underscore the economic challenges facing Nigerian consumers as they grapple with escalating fuel prices and inflation in the wake of the subsidy removal.