Petrol is now selling at about N937 per litre in Jigawa State.
This is according to the latest report given by the National Bureau of Statistics (NBS).
The report ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, stated on a state profile analysis, that consumers in Jigawa State paid the highest price of N937.50 for petrol, signaling a continuous rise in the price of the commodity since the removal of petrol subsidy by the President, Bola Tinubu on May 29, 2023.
The report further mentioned 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).
Likewise, comparing the average price value with the previous month (i.e. April 2024), the average retail price has increased by 9.75 per cent from N701.24.
On a State profile analysis, Jigawa State had the highest average retail price for the commodity at N937.50, Ondo and Benue States were next, with N882.67 and N882.22, respectively.
On the other side, Lagos, Niger and Kwara States have the lowest average retail prices, at N636.80, N642.16 and N645.15 respectively.
Lastly, on a 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 has risen to as high as 33.95 per cent as of May, according to NBS, with food inflation as high as 40 per cent.
The NBS’s latest update on pump prices heading towards N1,000 per litre in the North, comes on the heels of the Nigerian National Petroleum Company Limited (NNPCL), saying that it would not increase petrol prices in its retail outlets across the country.
The company currently sells at around N568 per litre at its retail outlets, from around N238 as of May 2023, according to the Nigerian Bureau of Statistics.
saharandaily