Diesel Prices Surge By 64.58 Per Cent In August, Worsening Financial Strain For Consumers

Nigerians faced a rise in diesel prices in August 2024, as the cost of diesel increased by 64.58 per cent compared to the same period last year. According to the latest report from the National Bureau of Statistics (NBS), the average price per litre of diesel reached N1,406.05, an increase from N854.32 in August 2023.

Month-on-month, diesel prices also climbed by 1.93 per cent, up from N1,379.48 in July 2024 to N1,406.05 in August. This ongoing rise in fuel prices continues to burden Nigerian consumers, who are already struggling with the high cost of living.

The NBS gathered data from over 10,000 respondents across all 36 states and the Federal Capital Territory (FCT), covering 774 local government areas.

The report revealed notable regional price differences. Kaduna, Bauchi, and Taraba states recorded the highest diesel prices, with Kaduna leading at N1,930.79 per litre, followed by Bauchi at N1,927.34 and Taraba at N1,638.14. On the other hand, the lowest prices were seen in Lagos (N1,237.14), Ogun (N1,255.00), and Osun (N1,268.18).

When analysed by region, the North-East had the highest average price of N1,621.23, while the South-West recorded the lowest average at N1,283.47. Differences influence these variations in price in supply, demand, and transportation costs across the country.

The rise in diesel prices adds to the financial challenges many Nigerians face, particularly as inflation remains high. Although the inflation rate slightly eased to 32.15 per cent in August 2024, down from 33.40 per cent in July, monthly inflation remained at 2.22 per cent. Food inflation also remained a concern, at 37.52 per cent, worsening the financial situation for consumers already dealing with rising fuel costs.

This persistent increase in fuel and food prices continues to squeeze household budgets across the country.

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