In the latest report released by the National Bureau of Statistics, the average retail price of Automotive Gas Oil (diesel) in Nigeria has surged by 64.58% year-on-year, reaching N1,406.05/litre in August 2024. This steep increase reflects the ongoing cost pressure on consumers as fuel prices continue to rise.
The data, collected from over 10,000 respondents across the country, highlighted significant regional variations in diesel prices. Kaduna, Bauchi, and Taraba States reported the highest average prices, while Lagos, Ogun, and Osun States had the lowest.
The North-East zone recorded the highest average price, while the South-West zone’s average price was the lowest. This disparity in prices showcases the uneven distribution of fuel costs driven by various factors such as supply and demand dynamics, transportation costs, and regional market conditions.
The sharp rise in diesel prices adds to the economic burden on Nigerians, especially with the lingering effects of inflation. Despite a slight decrease in headline inflation rate, the high food inflation rate of 37.52% in August 2024 continues to strain consumers’ finances.
As fuel prices remain a key concern for households, the need for effective solutions to address these rising costs becomes ever more critical in sustaining economic stability.
Source link