In May 2024, Nigeria witnessed a drastic surge in petrol prices, as reported by the National Bureau of Statistics (NBS) in their latest update on ‘Premium Motor Spirit (Petrol) Price Watch’. The average retail price of petrol soared to ₦769.62 nationwide, marking a staggering 223.21% increase from the ₦238.11 recorded in May 2023. This surge follows the removal of petrol subsidies by President Bola Tinubu on May 29, 2023.
Jigawa State emerged with the highest average price at an unprecedented ₦937 per litre, leading the nation in fuel costs. Ondo and Benue States followed closely with prices of ₦882.67 and ₦882.22, respectively. In contrast, Lagos, Niger, and Kwara States reported the lowest prices, with ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.
Regionally, the North-West Zone experienced the highest average retail price at ₦845.26, while the North Central Zone had the lowest at ₦695.04.
The removal of subsidies has not only impacted fuel prices but has also significantly affected inflation rates, which surged to 33.95% in May. Food inflation, in particular, reached an alarming 40%, exacerbating economic pressures on households across the country.
