The price of petrol has continued to rise in recent weeks, despite the federal government’s earlier promise to halt further hikes. The latest surge comes as a major blow to already struggling households and businesses, adding to the rising cost of living.
The average retail price of a litre of petrol increased 0.71% to N630.63 between September and October, the National Bureau of Statistics said Wednesday.
Prices rose from N195 to N537 a litre in June after the government removed petrol subsidy, and later surged to N617.
After fuel traders signalled in August that the price may rise further as the dollar strengthened and cost of importing fuel rose, President Tinubu said his government will not allow a further increase, in a bid to help families cope with an already alarming inflation level.
That implied the government will cover a part of the cost, yet the government insisted fuel subsidy would not be reinstated.
Since then, prices have steadily risen from N617 when the government put a cap, with no intervention from the government. In Abuja, petrol currently sells for between N650 and N670 a litre.
The NBS said in October, the average cost of petrol was highest in Zamfara (N659.38), Gombe (N658.33) and Borno (N657.27).
It was lowest in Lagos, Oyo, and Delta at N590.95, N592.19 and N599.38 respectively.
Diesel too
The rising cost of petrol is having a significant impact on the lives of Nigerians, particularly those in low-income households. For many, the increase in fuel prices means having to make difficult choices about how to allocate their limited resources.
Some are forced to cut back on essential expenses such as food and healthcare, while others are struggling to keep up with their transportation costs.
The NBS also said that the average retail price for diesel rose 25.45% to N1004.98 per litre in the last one year to October.
“On a month-on-month basis, the price increased by 12.82 per cent from the N890.80 per litre recorded in September 2023,’’ it added.
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