Prices of Petrol and Diesel Records Increase in May

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CEM REPORT | The price of Premium Motor Spirit (Petrol) has increased by 2.99%, in May 2022.

This is according to latest data release by the National Bureau of Statistics (NBS) in its PMS May 2022 Report.

The report reveals that the average price of the product increased to N173.08 from N168.06 recorded the same month in the previous year.

On a month-on-month basis the price made a shift by 0.27% from N172.61 in April 2022.

While the price of the commodity differ in different states, the report reveals that Abia state sold the product at the highest average of N193.20, followed by Imo with N188.24 and Cross River with N187.65 in the month.

While, Ogun recorded the lowest selling average with N165.00, followed by Yobe and Benue with N165.36 and N165.50 respectively.

In major cities like Lagos, the commodity went for N168.24 increasing by 1.81% from N165.25 recorded in April.

Also, Abuja recorded a -1.06% fall in the price from N195.27 in April to N193.20 in May.

The Bureau further reports that price of Automotive Gas Oil (Diesel) across the country increased by 2.54% in the month of May, 2022.

The commodity sold for an average N238.82 in the month as against N654.46 in April, 2022.

This is also a 181% from N238.82 in May 2021 to N671.08 recorded in May 2022.

State profile for the commodity reveals that Ekiti sold for the highest amount in the month at N716.15, followed by Osun and Oyo with N716.00 and N707.33 respectively.

While, the lowest average prices were recorded in Yobe at N560.00, followed by Bauchi and Delta with N570.00 and N624.44 respectively.

Furthermore, while the highest average retail price was recorded in the South-East zone with N186.24, while the North-Central had the least with N168.20 for petrol, the South-West recorded the highest on diesel with N705.60, while the North-East had the lowest price with N639.00.

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