Nigeria’s Fuel Price Soars to Record High, Lagos and Abuja Hit with Scarcity
In a development that has sent shockwaves across Nigeria, the country’s fuel price has reached a record high, with a 2.72 percent increase in July 2024 compared to the previous month. According to the National Bureau of Statistics’ latest Petrol Price Watch, the average retail price of Premium Motor Spirit (petrol) now stands at N770.54 per liter.
This jump in fuel prices comes as the country grapples with an ongoing fuel scarcity, which has left many regions, including Lagos, Federal Capital Territory, Abuja, and others, without adequate supply. The scarcity has been fueled by the removal of fuel subsidies in May last year, which saw the price of petrol rise from N238 per liter in May to the current average price of N770.54 in July 2024.
The data released by the National Bureau of Statistics also shows that the country’s fuel price has increased by a staggering 23.35 percent on a year-on-year basis, from N600.35 in July last year to N770.54 this year.
State-by-state analysis reveals stark disparities in fuel prices. Katsina State recorded the highest average retail price for Premium Motor Spirit (petrol), at N950.00, followed closely by Jigawa and Benue States, which had average prices of N903.08 and N846.95, respectively. In contrast, Kwara, Edo, and Akwa Ibom states reported the lowest average retail prices for petrol, at N650.00, N669.75, and N673.75, respectively.
The fuel price hike comes as a major blow to the country’s already struggling economy, where many residents are struggling to cope with the rising costs of living. The government has yet to comment on the recent price increases, leaving many to wonder what steps it will take to mitigate the impact on its citizens.
In the meantime, Nigerians are bracing themselves for a potentially tough period ahead, with the fuel scarcity expected to worsen unless swift action is taken to address the situation.
