Current state of the economy weighs harder on Nigerians as petrol, kerosene, diesel sell higher in some parts of the country

In some media reports, fuel prices have continued to soar since March 2024, driven mainly by the current economic reforms embarked upon by the Bola Tinubu administration, the dynamics of international energy rates and Nigeria’s limitations in refining its fuels locally. Latest data from the National Bureau of Statistics (NBS) showing the prices of major fuels across Nigeria, indicated that last month, petrol sold for as high as N761 in parts of Nigeria, specifically in Taraba. At the same time, diesel retailed for N1,566 in Edo and kerosene, seen as the fuel of the poor, was offered for N1,875 per litre. For other energy sources, essentially cooking gas, Kano recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (LPG), also known as cooking gas, with N7,609.00. In all, the NBS data indicated that the average retail price paid by consumers for petrol for March 2024 was N696.79, indicating a 163.65 per cent increase when compared to the value recorded in March 2023, which was N264.29. On state profile analysis, Taraba state had the highest average retail price for Premium Motor Spirit (petrol), at N761.92, Yobe and Adamawa States were next, with N749.09 and N735.00, respectively. On the other side, Lagos, Oyo and Ogun States had the lowest average retail prices for petrol, at N630.75, N645.88 and N651.25 respectively. Lastly, on the zonal profile, the North-east zone had the highest average retail price of N732.37, while the South-west zone had the lowest price of N654.24,” the figures showed.