The recent awakening of fuel prices across the country has sent shock waves through different sectors of the economy, with direct repercussions on the cost of living of citizens and on the functioning of businesses. This worrying increase in fuel prices contributes to a general rise in the prices of basic necessities and transport services, thus exposing households to increasing financial pressures.
According to the most recent data published by the Fatshimetrie Fuel Price Observatory (May 2024), the average price of a liter of Unleaded Gasoline (ESP) jumped by 223.21% between May 2023 (to 238.11 FCFA). ) and May 2024 (at 769.62 FCFA). This increase continued significantly from one month to the next, with an increase of 9.75% compared to the month of April 2024 when the average price was 701.24 FCFA per liter.
Some states have been hit harder than others by this surge in fuel prices. At the top of the list is Jigawa State where citizens had to pay an average of 937.50 FCFA per liter of fuel, an increase of 31.76% compared to the previous month. In second position, Ondo State displays an average price of 882.67 FCFA per liter, recording an increase of 31.50% compared to April 2024.
Benue State ranks third with an average price of FCFA 822.22 per litre, showing an increase of 23.62% compared to the previous month. Overall, these figures highlight the growing difficulties faced by households and businesses amid continued increases in fuel prices.
This upward trend in fuel prices raises concerns about its impact on the economy and society as a whole. With rising transport costs and rising food prices, many households find themselves facing considerable financial challenges. Businesses, for their part, are forced to absorb these additional costs, which can have repercussions on their profitability and their ability to create jobs.
In this context, it becomes imperative for the competent authorities to take adequate measures to mitigate the impact of these price increases on citizens and businesses. Policies aimed at stabilizing fuel prices, strengthening social protection for vulnerable households and supporting the most impacted economic sectors could help mitigate the harmful effects of this situation.
In conclusion, the increase in fuel prices is a major issue that affects many aspects of the daily lives of citizens and the economy in general. It is crucial to take appropriate measures to address this situation and guarantee the economic and social stability of the country.