The National Bureau of Statistics (NBS) has reported a significant surge in the retail price of diesel in Nigeria, with prices skyrocketing by over 50% within a year.
According to the latest Diesel Price Watch for February 2024 released by the NBS in Abuja, the retail price of diesel surged from N836.91 per litre in February 2023 to N1,257.06 per litre in February 2024, marking a staggering 50.20% increase.
The report highlights a month-on-month increase of 9.02%, with the price jumping from N1,153.01 per litre in January 2024 to its February 2024 level.
In a state profile analysis, the NBS revealed that Akwa Ibom recorded the highest diesel price in February 2024 at N1,525 per litre, followed by Gombe State at N1,500 per litre and Kwara at N1,444 per litre. Conversely, Adamawa had the lowest price at N1,037.50 per litre, trailed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre.
Zone-wise analysis indicated that the South-South region experienced the highest diesel price at N1,343.09 per litre, while the Southwest recorded the lowest price at N1,164.05 per litre.