Fuel Price Increasement: NBS Report Reveals 159.92% Surge In One Year

Fuel Price Increasement: NBS Report Reveals 159.92% Surge In One Year

The National Bureau of Statistics (NBS) has delivered a staggering revelation: the pump price of fuel has surged by an alarming 159.92% within just one year, soaring from N257.12 per liter in January 2023 to a staggering N668.30 in January 2024…..READ ALSO Contaminated Fuel Scandal: NSCDC Vows To Prosecute Culprits In Niger”

In its latest Premium Motor Spirit (Petrol) Price Watch report for January 2024, the NBS disclosed that despite a slight monthly reduction of 0.53%, from N671.86 in December 2023 to N668.30 in January 2024, the overall increase over the year is unprecedented.

This astronomical rise follows President Bola Tinubu’s decision to abolish fuel subsidies upon assuming office, catapulting pump prices from approximately N189 per liter to well over N640 per liter, marking an unprecedented financial burden on Nigerian consumers.

The NBS report further elaborated on the state-wise distribution of fuel prices, with Kebbi State topping the chart at an average retail price of N796.67 per liter, followed closely by Zamfara and Taraba States at N771.43 and N704.11 respectively. Conversely, Kwara, Niger, and Kogi States recorded the lowest average prices at N614.90, N624.04, and N626.79 respectively.

Zooming out to the zonal level, the North West Zone emerged with the highest average retail price at N701.60, while the North Central Zone boasted the lowest price of N632.86.

The NBS report underscores the pressing need for effective measures to alleviate the financial strain on Nigerian consumers amidst the relentless surge in fuel prices, reflecting a broader economic challenge that demands urgent attention and intervention.