Energy prices in Nigeria have skyrocketed by 223% within one year of the current administration, according to a report from the National Bureau of Statistics published in the Punch newspaper.
Since President Bola Tinubu took office, petrol prices have surged over 200%, as detailed in the May 2024 Premium Motor Spirit (Petrol) Price Watch report by the NBS.
The sharp increase in petrol prices follows the president’s decision to eliminate fuel subsidies, previously considered financially unsustainable.
In May 2023, before the president’s inauguration, petrol was priced at ₦238.11 per liter. By May 2024, the price had soared to approximately ₦770 per liter, marking a significant rise.
On a month-to-month basis, petrol prices increased by 9.75%, rising from ₦701.24 per liter in April 2024. The highest petrol prices were reported in Jigawa State at ₦937.50 per liter, followed by Ondo and Benue States at ₦882.67 and ₦882.22 per liter, respectively. Conversely, Lagos, Niger, and Kwara states recorded the lowest prices at ₦636.80, ₦642.16, and ₦645.15 per liter, respectively.
The report highlighted Adamawa, Sokoto, and Bauchi states as having the highest average petrol prices in May 2024, while Niger, Kano, and Oyo states had the lowest.
Additionally, the average retail price per liter of diesel varied across zones, with the North-East Zone reporting the highest at ₦1605.91 and the South-West Zone the lowest at ₦1303.60.
Household Kerosene (HHK) prices also saw an increase, with consumers paying an average of ₦1,450.35 per liter in May 2024, up from ₦1,439.64 in April 2024.
The data underscores significant cost pressures on energy consumers in Nigeria amid ongoing economic challenges and policy adjustments.
