…The top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92).
…Lastly, 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
THUR JUNE 20 2024-theGBJournal|The average retail price of Automotive Gas Oil (Diesel) rose by 66.29% on a year-on-year basis from a lower cost of N844.28 per liter recorded in the corresponding month of last year (i.e., May 2023) to a higher cost of N1403.96 per liter in May 2024.
The data released today by the National Bureau of Statistics (NBS) shows that on a month-on-month basis, a decrease of 0.78% was recorded from N1415.06 in the preceding month of April 2024 to an average of N1403.96 in April 2024.
Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92).
Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price N1303.60 when compared with other Zones.
Meanwhile, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for May 2024 was N769.62, indicating a 223.21% y/y 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 increased by 9.75% from N701.24.
On State profile analysis, Jigawa State had the highest average retail price for Premium Motor Spirit (Petrol), 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 had the lowest average retail prices for Premium Motor Spirit (Petrol), at N636.80, N642.16 and N645.15 respectively.
Lastly, 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.
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