The cost of diesel fuel has skyrocketed by over 50% in the past year, adding to the economic woes faced by many. According to the latest report from the National Bureau of Statistics, the average retail price of diesel has surged to N1,257.06 per litre in February 2024, up from N836.91 just a year ago.

This sharp increase represents a 9.02% jump from the previous month, where the average price was N1,153.01. The disparity in prices across different states is also evident, with Akwa Ibom State, Gombe State, and Kwara topping the list with the highest average prices, while Adamawa State, Kano State, and Katsina State have the lowest prices.

Interestingly, despite being rich in gas and crude oil resources, the South South zone has the highest average price of diesel at N1,343.09, while the South West zone boasts the lowest price at N1,164.05.

This surge in diesel prices is sure to have a significant impact on various sectors of the economy, from transportation to agriculture. As consumers feel the pinch at the pump, businesses will also face increased operating costs, potentially leading to higher prices for goods and services.

The implications of this price hike are far-reaching, affecting not only individual consumers but also the overall economic landscape. As we navigate these challenging times, it is crucial for policymakers and industry stakeholders to find sustainable solutions to mitigate the impact of rising fuel costs on the populace.