Five Nigerian States With The Biggest Jump in Diesel Price
- Nigerians are currently experiencing a high jump in the price of diesel across various states in the country
- A recent survey shows that the price of the commodity is sold higher in some states than in others
- Experts have said there are different factors responsible for the high price in these areas like power supply, among others
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According to a recent survey, the jump in diesel prices has affected more states in Nigeria than the others.
About five states in the country have witnessed a surge in the cost of diesel in July year-on-year, a BusinessDay report states, citing data from the National Bureau of Statistics (NBS).
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Data reveals five states in Nigeria with highest price of diesel
The states of Plateau, Ebonyi, Anambra, Ondo and Kebi recorded the biggest jump in diesel prices this July.
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As per the data by NBS, the latest diesel price shows that in the five states, prices spiked by 276 per cent, 249 per cent, 247 per cent, 239 per cent and 229 respectively.
The average diesel price has jumped by over 200 per cent, caused of the Russian invasion of Ukraine.
Energy experts said there is currently no subsidy for diesel, which is why prices jump across Nigeria.
The farther away customers are from the depot, the more expensive the cost as marketers factor in the price of trucking the commodity to their various destinations.
Experts give reasons for high cost in some areas
The experts also say the forces of demand and supply play crucial roles in the prices in the states where demands are high compared to other states.
Other factors affecting the price of the commodity, the experts say, include insecurity and unrest.
Access to some areas in some states contributes to the high cost of the product.
In places with low power supply and high populations like Ebonyi State, there is a tendency for the high prices of diesel in the area.
States with high industrialisation also experience high demand for diesel which translates to a high diesel price in the area.
The states of Borno, Katsina, Benue, Taraba, and Adamawa are places with the least commodity price. For example, in Borno, a litre of diesel is sold for 788.50 as of July 2022 from N290.30, the same period in 2021. The price increase is a 172 per cent jump year-on-year.
Geopolitical zones with the highest food inflation in Nigeria
Legit.ng reports that food inflation has remained the biggest arrowhead for inflation in Nigeria.
According to the report, Nigerians were forced to increase their food budgets across the country in September 2022.
While the problem is widespread, some states experienced the highest inflation levels.
Source: Legit.ng
