Fuel price fluctuations in Nigeria have continued to raise concerns and weigh heavily on consumers’ wallets. According to the latest report by the National Bureau of Statistics (NBS), the average price of Diesel, also known as Gasoil, recorded a significant year-on-year increase, reaching N1,406.05 per litre in August 2024. This 64.58% increase compared to the same period in 2023 underscores the persistent challenges facing the country’s energy sector.
A closer look at the price variations by state reveals that Kaduna, Bauchi and Taraba were among the three states with the highest prices for diesel in August 2024, with averages of N1,930.79, N1,927.34 and N1,638.14 per litre respectively. Conversely, Lagos, Ogun and Osun stood out as having the lowest prices for this essential fuel.
A similar trend was observed for household kerosene, with the average price per litre increasing by 45.21% in August 2024 compared to the previous year. The increase, which took the price to N1,847.59, directly impacted low-income households who largely rely on the fuel for cooking and lighting.
A geographical analysis of price variations reveals that the North-East has the highest prices for diesel, while the South-West has the lowest prices. This regional disparity highlights the economic and logistical disparities that influence the cost of fuel distribution and supply across the country.
Given this reality, it is imperative that government authorities take proactive measures to mitigate the impact of price hikes on households and businesses. Policies to promote transparency in pricing, strengthen distribution infrastructure, and encourage the adoption of alternative energy sources can help stabilize costs and ensure reliable fuel supplies.
Ultimately, the issue of fuel prices in Nigeria cannot be separated from the broader challenges facing the energy sector. By adopting a holistic approach and fostering dialogue among all stakeholders, sustainable solutions can be found that ensure affordable and reliable access to fuel for all Nigerians.