**Diesel Prices Surge by 50.20% to N1,257.06 per Litre in February 2024**
The National Bureau of Statistics (NBS) has released its latest report on diesel prices, indicating a substantial increase in the retail price of diesel across Nigeria. According to the report, the price of diesel soared to N1,257.06 per litre in February 2024, marking a significant jump from N836.91 per litre recorded in the same period of the previous year. This staggering rise represents a 50.20% increase in diesel prices within the span of just one year.
Released from the NBS headquarters in Abuja on Wednesday, the Diesel Price Watch report highlights a month-on-month escalation of 9.02% compared to January 2024, where the price stood at N1,153.01 per litre.
A detailed breakdown of diesel prices by state reveals noteworthy variations. Among the states, Akwa Ibom registered the highest diesel price at N1,525 per litre, closely followed by Gombe State at N1,500 per litre and Kwara at N1,444 per litre. Conversely, Adamawa recorded the lowest diesel price at N1,037.50 per litre, trailed by Kano at N1,111.43 per litre and Katsina State at N1,125 per litre.
Moreover, the analysis conducted by geographical zones underscores disparities in diesel prices across the country. The South-South region emerged with the highest diesel price, averaging N1,343.09 per litre, while the Southwest recorded the lowest price at N1,164.05 per litre.
Jide Ajia, a seasoned journalist with over 12 years of experience in business reporting, compiled this comprehensive analysis.
This significant surge in diesel prices poses economic challenges for various sectors, including transportation, agriculture, and manufacturing, with potential implications for inflation and overall cost of living. The NBS report underscores the need for stakeholders and policymakers to closely monitor these developments and explore strategies to mitigate the impact on businesses and consumers nationwide.
