The cost of diesel fuel in Nigeria has jumped dramatically, with a year-on-year increase of 68% to N1,415.06 per litre in April 2024, according to the National Bureau of Statistics (NBS). This significant rise was also accompanied by a 5.51% month-on-month increase.
There’s a wide range in diesel prices across different Nigerian states. Taraba State holds the unfortunate distinction of having the highest average price at N1,742.46 per litre, followed by Bauchi and Borno States. Conversely, drivers in Niger State enjoyed the lowest average price at N1,023.00 per litre. Kogi and Adamawa States also offered diesel at a more affordable price point.
The report by the NBS highlights the significant regional disparities in fuel costs. Factors like transportation logistics, supply chains, and local demand all play a role in these variations. The North-East zone faces the highest average price at N1,553.80 per litre, while the North-Central zone benefits from the lowest average price of N1,307.21 per litre.
Source: Vanguard