The National Bureau of Statistics has released its latest Diesel Price Watch report for February 2024, revealing a significant surge in the retail price of diesel across Nigeria.
According to the report, the price of diesel skyrocketed from N836.91 in February 2023 to N1,257.06 in February 2024, marking a staggering 50.20% increase.
The month-on-month analysis indicates a 9.02% rise from January 2024. Statewise, Akwa Ibom registered the highest diesel price at N1,525 per litre, trailed closely by Gombe State at N1,500 per litre and Kwara at N1,444 per litre.
Conversely, Adamawa reported the lowest diesel price at N1,037.50 per litre, followed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre. Zone-wise, the South-South region experienced the highest diesel price of N1,343.09 per litre, while the Southwest recorded the lowest at N1,164.05 per litre.
The surge in diesel prices is expected to have significant implications for transportation and consumer goods costs nationwide.
