The National Bureau of Statistics (NBS) unveiled a notable escalation in the average retail price of diesel across Nigeria, reaching N1153.01 per liter in January 2024. This figure starkly contrasts with the N828.82 recorded in January 2023, marking a substantial 39.11% surge.
The NBS Diesel Price Watch for January 2024, made public in Abuja on Wednesday, paints a concerning picture of rising fuel costs. According to the report, the month-on-month comparison indicates a 2.34% increase from December 2023, where the price stood at N1126.69 per liter.
State-level analysis reveals significant discrepancies in diesel pricing across the country. Kebbi tops the list with the highest average diesel price of N1433.33 per liter, closely followed by Kogi at N1300 and Abuja at N1226.70. Conversely, Borno boasts the lowest price at N927.27 per liter, trailed by Kano at N940.89 and Taraba at N988.33.
The report also delves into regional disparities, uncovering the North-Central zone as the area with the highest diesel price, averaging at N1205.11 per liter. In contrast, the North-East zone boasts the lowest regional price, standing at N1074.03 per liter.
The surge in diesel prices carries significant implications for various sectors, particularly transportation and manufacturing, which heavily rely on diesel fuel for operations. Consumers and businesses alike are likely to face heightened costs, potentially leading to broader economic impacts.
This rise in diesel prices aligns with global trends, as geopolitical tensions and supply chain disruptions continue to exert pressure on energy markets worldwide. As Nigeria navigates these challenges, policymakers and stakeholders must remain vigilant in monitoring and addressing the implications of escalating fuel costs on the economy and citizens’ livelihoods.
Credit: News Agency of Nigeria (NAN)
