In anticipation of the transformative impact expected from the Dangote Petroleum Refinery on the energy sector, Nigerians find themselves grappling with a surge in fuel prices, particularly in automotive gas oil (diesel) and premium motor spirit (PMS).
According to the latest report from the National Bureau of Statistics (NBS) on December’s fuel prices, consumers experienced a substantial 6.74% increase in the average retail price of diesel, soaring from November’s N1,055.57 to N1,126.69. A year-on-year analysis reveals a remarkable uptick of 37.76%, showcasing the continuous escalation from N817.86 per litre in December 2022 to the current N1,126.69 per litre.
Similarly, petrol prices saw a 3.53% rise, climbing from N648.93 in November to a new price of N671.86 in December 2023. The year-on-year surge stands at an impressive 225.85%, reflecting the shift from an average of N206.19 in November 2022.
The NBS report identifies Sokoto (N1,300), Kebbi/Yobe (N1,250), and Jigawa State (N1,229.09) as the top three states with the highest average diesel prices. On the other end of the spectrum, Rivers state (N897.89), Bayelsa state (N935), and Bauchi state (N985) recorded the lowest prices during this period.
In terms of PMS, Ogun state took the lead with the highest average retail price at N776.54, followed by Taraba and Adamawa states at N760 and N745.71, respectively. Conversely, Kano, Lagos, and Borno States reported the lowest average retail prices for PMS, standing at N602.78, N612.72, and N622.71, respectively.
As Nigerians brace themselves for potential economic implications, the surge in fuel prices, especially diesel, raises concerns and emphasizes the significance of monitoring developments in the energy sector. The heightened anticipation for the Dangote Refinery’s impact adds a layer of complexity to the ongoing discussions surrounding fuel costs and the broader economic landscape.
Credit: The Guardian
