The average price of Premium Motor Spirit, (PMS), popularly known as petrol, surged by 176.02 percent in April on a year-on-year basis as soaring inflation hit Nigerians.
The National Bureau of Statistics, (NBS), which disclosed this in its ‘Petrol Price Watch’ for April, stated that Nigerians bought Petrol in April 2024 at an average price of N701.24 per litre, when compared to N255.06 in the same month last year.
According to the report, the monthly petrol price increased by 0.64 per cent compared to N696.79 per litre when the product was sold in March 2024.
It said Kogi(N997.78); Nasarawa(N778.89) and Zamfara(N754.29) have the highest petrol prices per litre in Nigeria. Conversely, Lagos(N602.55), Niger(N633.75) and Ogun(N647.14) are States in Nigeria with the lowest prices of Petrol per litre.
The petrol price surge was caused by President Bola Ahmed Tinubu’s Government’s removal of the fuel subsidy in June last year.
Recall that on May 29, Tinubu’s infamous statement: ‘fuel subsidy is gone,’ saw the price jump from N260 per litre to over N600. The development has also led to the prices of foods, goods and services tripling nationwide.
The latest headline and food inflation surged to 33.69 percent and 40.53 percent in April 2024, when compared to 22.22 percent and 24.61 percent last year, easing the economic hardship on Nigerians.
