The average price of Premium Motor Spirit (PMS), also known as petrol, has skyrocketed by 223.21 percent, reaching approximately ₦770 per litre in May 2024, up from ₦238.11 per litre in May 2023, according to the National Bureau of Statistics (NBS).

In its latest report, “Premium Motor Spirit (Petrol) Price Watch for May 2024,” the NBS highlighted a 9.75 percent increase from April 2024, when the price was ₦701.24 per litre.

Jigawa State reported the highest petrol price in the country at ₦937.50 per litre, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per litre, respectively.

Meanwhile, Lagos, Niger, and Kwara states had the lowest prices, with petrol averaging ₦636.80, ₦642.16, and ₦645.15 per litre, respectively.

On a regional basis, the North-West Zone experienced the highest average price at ₦845.26 per litre, while the North Central Zone recorded the lowest at ₦695.04 per litre.

Meanwhile, the average retail price of Automotive Gas Oil (Diesel) paid by consumers surged by 66.29 percent to ₦1,403.96 per litre in May 2024, compared to ₦844.28 per litre in May 2023.

However, on a month-on-month basis, the price slightly decreased by 0.78 percent from ₦1,415.06 per litre in April 2024.

The report stated “ Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State (₦1709.00), Sokoto State (₦1675.00) and Bauchi (₦1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (₦1140.20), Kano State (₦1153.33), and Oyo State (₦1236.92).

“The zonal representation of average price of diesel showed that North-East Zone has the highest price of ₦1605.91 while South West Zone has the lowest price ₦1303.60 when compared with other zones.

“This comes as the average retail price per litre of Household Kerosene (HHK) paid by consumers in May 2024 was ₦1,450.35, indicating an increase of 0.74 per cent when compared to ₦1,439.64 recorded in April 2024.”

Asharami Synergy Limited, a Sahara Group downstream company in Nigeria has attributed its sterling performance in the aviation fuel market to the firm’s commitment to safety, technology driven solutions and environmental sustainability.

Head, Downstream Africa, Sahara Group, Foluso Sobanjo, said in Vienna, Austria, at the IATA Aviation Energy Forum, that Asharami Synergy had a pedigree of exceptional performance in the market that spans two decades in Nigeria.

Aviation fuel is also known as Jet A1.

In his words, “Asharami Synergy is the leading aviation fuel supplier in Nigeria with over 20 per cent of the market share. We have several certifications from the International Organisation for Standardisation in recognition of our commitment to excellence, quality, and safety. With current storage capacity of about 31 million litres owned and operated by Asharami across the nation, a fleet of 20 bowsers, and ongoing plans for capacity expansion, we keep innovating to deliver outstanding Jet A1 solutions.”

According to Sobanjo, Asharami Synergy offers solutions that resonate with the operations of local and international airlines in Nigeria. “Our distinctive mark of excellence and safety make Asharami the responsible provider of choice for aviation fuel in the Nigerian market,” he said.

Similarly, Chief Executive Officer, Asharami Synergy, Nomnso Dike, said that the company had been strategic partners with IATA since 2009, adding that Asharami’s diversified product supply chain facilitates availability and competitive pricing in the market.

“We are constantly investing in technology to drive efficiency in our business hence the adoption of the i6 solution that increases efficiency through digitalised tracking of our into-plane fueling operations, whilst also helping to reduce CO2 emissions. In addition, our dashboard tracks and analyses our customers’ consumption patterns, thereby enabling us to forecast demand accurately and ensure consistent product availability to meet all our supply obligations. This ensures our customers can rely on Asharami for responsible and seamless supply,” he stated.

Sobanjo commended IATA for leading the charge towards sustainability in the sector as all stakeholders continue to work towards enhancing safety and reducing emissions.

On growth factors for the Nigerian market, Sobanjo said the sector would benefit from adequate refining capacity, Forex stability, cheaper sources of funds and infrastructure development.

He noted that achieving stability in the FX market would impact the Jet fuel market positively by reducing product cost, solving the liquidity issues facing the airlines and help with the repatriation of the investment made by foreign airlines which would spur further investments.

“Suppliers need to be able to access credit at the right price as this would help to facilitate investments in essential infrastructure like tank farms, bowsers, and trucks. This would enhance operational capabilities and logistical efficiency, thereby supporting long-term growth and healthy competitiveness in the sector,” he stated.

Sobanjo also called for investment in infrastructure through sundry Public-Private Partnerships and collaboration among all stakeholders, including IATA, airlines, the Federal Airport Authority of Nigeria, petroleum marketers, to drive sustainable regulation, growth, and development of the sector.

The Minister of Interior, Olubunmi Tunji-Ojo, has announced plans to establish a specialized security team, dubbed the “Power Rangers,” to safeguard Nigeria’s power infrastructure.

This initiative responds to the frequent attacks on transmission towers and other facilities, which the minister has condemned as “economic terrorism.”

In a related development, the Federal Government has issued a stern warning to those involved in these acts of vandalism, demanding an immediate halt or facing severe consequences.

This warning follows the latest incident on Wednesday, where vandals destroyed two transmission towers, T193 and T194, along the 330-kilovolt single circuit transmission line.

This attack follows a similar incident on December 28, 2023, when three towers—T193, T194, and T195—were destroyed in Borno State using improvised explosive devices.

During the Passing Out Parade and launch of the second group of the Nigeria Security and Civil Defence Corps Mining Marshals in Abuja on Friday, Minister Tunji-Ojo stressed the necessity for strong and decisive action to combat the widespread destruction of power infrastructure.

He said “I will speak with my brother, the Minister of Power, about the alarming rate of vandalism and economic terrorism targeting our transmission lines. It is your job to ensure that no critical government assets are destroyed, and I believe NSCDC is up to the task.”

The minister announced plans to create the “Power Rangers” team, which will protect power distribution lines, generation companies (Gencos), and the entire power sector.

He stressed that no country can grow or develop without a reliable power sector, and it is unacceptable for Nigeria to invest billions in power infrastructure only for it to be vandalized.

Tunji-Ojo has decided to sectorize the responsibilities of the Nigeria Security and Civil Defence Corps (NSCDC) to enable them to effectively fulfill their mandate.