The average cost of premium motor spirit (PMS) has steadily been rising since last year following the removal of fuel subsidy.

The increase in fuel price over the years has had a direct effect in other sectors of the economy with the cost of food items and transportation skyrocketing.

According to the latest Premium Motor Spirit (Petrol) Price Watch (May 2024) report by the National Bureau of Statistics (NBS), the average retail price of PMS jumped by 223.21% from May 2023 (₦238.11), to ₦769.62 reported in May 2024.

When the price of PMS was compared Month-on-Month, the average retail price increased by 9.75% from ₦701.24 recorded in April 2024.

The cost of PMS was also analysed across the country and here are the 10 states with the highest cost of petrol:

Jigawa State came in top position as residents paid an average of ₦937.50 to purchase a litre of PMS.

When compared with the price of PMS paid in April 2024, this indicated a 31.76% increase

Petrol consumers in Ondo State paid an average of ₦882.67 per litre in May 2024 making it the state with the second highest cost of PMS.

This represents a 31.50% increase from April’s average of ₦671.25.

Petrol consumers in Benue state paid an average of ₦822.22 per litre in May 2024.

When compared with prices of PMS in April, this marked a 23.62% increase

The average cost of petrol in Kebbi was reported at ₦880 per litre in May 2024. This represents a 21.74% increase from the average cost of PMS reported in April 2024.

PMS consumers in Sokoto state paid an average of ₦872.50 per litre in May 2024.

This marked a 22.31% increase from the average price paid in April (₦713.33).

In Zamfara State, petrol prices averaged ₦835.83 per litre in May 2024. This indicated a 10.81% increase from the average PMS cost recorded in April 2024 (₦754.29)

The average petrol price in Taraba surged to ₦818.35 per litre in May 2024.

This represented an 8.84% increase from the price in April 2024 ( ₦751.89).

The average cost of PMS In Kaduna State was recorded as ₦815.94 per litre in May 2024.

When compared with the price in April 2024 (₦699.64), this represented a 16.62% increase

The average petrol prices in Borno state was ₦800.32 per litre in May 2024.

This marked a 7.58% rise from April 2024’s average of ₦743.91

Petrol consumers in Adamawa State paid ₦798.60 for a litre of PMS in May 2024

This represented a 7.68% increase from the average cost of PMS in April 2024 (₦741.67).