The National Bureau of Statistics (NBS) revealed that the price paid by consumers for Premium Motor Spirit (Petrol) in May 2024 has increased astronomically to about ₦937 per litre in Jigawa State.
The NBS’s latest release on pump prices heading towards ₦1,000 per litre in the North, is coming just after the Nigerian National Petroleum Company Limited (NNPCL), said it would not increase petrol prices in its retail outlets across the country.
The report ‘Premium Motor Spirit (Petrol) Price Watch (May 2024)’, said on a state profile analysis, that consumers in Jigawa State paid the highest price of ₦937.50 for petrol.
It highlighted that such development is a result of the removal of petrol subsidy by Bola Tinubu on May 29, 2023.
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Meanwhile, following the removal of petrol subsidies, the inflation rate rose to as high as 33.95 per cent as of May, according to NBS, with food inflation as high as 40 per cent.
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