Petrol and diesel prices continue to climb across Nigeria
The National Bureau of Statistics has reported a significant rise in petrol and diesel prices across Nigeria. According to the bureau, the average retail price of petrol and diesel increased in several states and regions. Experts attribute this surge to ongoing geopolitical tensions affecting global supply chains. The price hikes are putting pressure on transportation costs, businesses, and individuals nationwide.
TLDR
- The average retail price of petrol rose from N1,051.47 in February to N1,288.54 in March, a 22.55% increase.
- Petrol prices were highest in Anambra (N1,441.22), Sokoto (N1,377.55), and Borno (N1,375.16), and lowest in Lagos (N1,162.71), Ogun (N1,169.78), and Kaduna (N1,193.40).
- The North-East recorded the highest average petrol price in March at N1,336.50, while the South-West had the lowest at N1,232.46.
- Diesel prices also increased, with the average rising from N1,420.17 in February to N1,648.08 in March, a 16.05% jump.
- Opeyemi Alabi, an economist, said the US-Iran conflict and the closure of the Strait of Hormuz have disrupted supply chains, leading to higher fuel prices and increased inflation risks.
