The rise in petrol price is a result of the president’s decision to remove fuel subsidies, which at the time was deemed too expensive. Petrol in May 2023, prior to the president’s inauguration sold atN238,11 per liter, however, in May this year, it sold for approximatelyN770 per liter.
Energy prices recorded an increase of 223 percent one year into Nigeria’s current administration.
A report by the National Bureau of Statistics in the Punch newspaper revealed that since the current president of Nigeria, Bola Tinubu took office, the price of petrol has risen by over 200 percent.
The rise in petrol price is a result of the president’s decision to remove fuel subsidies, which at the time was deemed too expensive. Petrol in May 2023, prior to the president’s inauguration sold atN238,11 per liter, however, in May this year, it sold for approximatelyN770 per liter.
The report also disclosed that on a month-to-month basis, the price of petrol increased by 9,75 percent from N701,24 per litre in April 2024.
Furthermore, the Northern state of Jigawa sold petrol at N937,50 per liter, the highest price in the country, a bit more than Ondo and Benue States which sold at N882.67 per liter and N882,22 per liter, the second and third highest respectively.
On the flip side, Lagos, Niger, and Kwara states sold at the lowest prices at N636,80,N642,16, and N645,15, respectively.
“Looking at the variations in the state prices, the top three states with the highest average price of the product in May 2024 include Adamawa State N1709) Sokoto State (N1675,00), and Bauchi (N1657,92).
Furthermore, the top three lowest prices were recorded in the following States, namely, Niger State (N1140,20), Kano State (N1153,33), and Oyo State (N1236,92),” the report stated.
“The zonal representation of the average price of diesel showed that the North-East Zone has the highest price of N1605,91 while the South West Zone has the lowest price of N1303.60 when compared with other zones. – Business Insider Africa
