Diesel Price Rose By 50.20% To ₦1,257.06 In Feb 2024 – NBS

The National Bureau of Statistics (NBS) on Wednesday revealed that the retail price of diesel across Nigeria jumped from N836.91 in February 2023 to ₦1,257.06 in February 2024.

Naija News reports that the NBS, in its monthly diesel price watch report released for February 2024, disclosed that the pump price of diesel rose by a staggering 50.20 per cent in one year.

In a more immediate comparison, diesel prices increased 9.02 per cent from January 2024, when they stood at ₦1,153.01 per litre, underscoring the rapid escalation of fuel costs within a short span.

The NBS’s report further breaks down the diesel price variations across different states, with Akwa Ibom experiencing the highest retail price at ₦1,525 per litre.

Gombe and Kwara states followed closely, recording prices at ₦1,500 and ₦1,444 per litre, respectively.

On the flip side, Adamawa boasted the lowest diesel price at ₦1,037.50 per litre, with Kano and Katsina states trailing at ₦1,111.43 and ₦1,125 per litre, respectively.

A zonal analysis revealed that the South-South region was most affected by the surge, with diesel prices reaching ₦1,343.09 per litre.

Conversely, the Southwest region emerged relatively less affected, registering the lowest price at ₦1,164.05 per litre.

This significant uptick in diesel prices is poised to impact various sectors across the country, particularly transportation and manufacturing, which heavily depend on diesel for operations.

The ripple effects will likely influence the overall cost of goods and services, raising concerns over inflationary pressures that could further strain the Nigerian economy and its residents.