The explosive number of vehicles has given rise to a series of traffic problems, such as traffic congestion, road safety, and fuel waste. Collecting vehicles' speed information is an effective way to monitor the traffic conditions and avoid vehicles' congestion, however it may threaten vehicles' location and trajectory privacy. Motivated by the fact that traffic monitoring does not need to know each individual vehicle's speed and the average speed would be sufficient, we propose a privacy-preserving traffic monitoring (PPTM) scheme to aggregate vehicles' speeds at different locations. In PPTM, the roadside unit (RSU) collects vehicles' speed information at multiple road segments, and further cooperates with a service provider to calculate the average speed information for every road segment. To preserve vehicles' privacy, both homomorphic Paillier cryptosystem and super-increasing sequence are adopted. A comprehensive security analysis indicates that the proposed PPTM can preserve vehicles' identities, speeds, locations, and trajectories privacy from being disclosed. In addition, extensive simulations are conducted to validate the effectiveness and efficiency of the proposed PPTM scheme.