Nigeria, Africa’s largest oil producer, has been hit by rising petrol prices, despite government efforts to keep prices stable.
According to a recent report by the International Centre for Investigative Reporting (ICIR), there are significant disparities in the average prices of fuel per litre across different states in Nigeria.
The data, which was released on February 6, 2023, shows that Nigerians are struggling with high fuel prices that vary considerably from state to state.
The ICIR report highlights the national average price of fuel per litre as N363.24. However, the average price in different geopolitical zones ranges from N302.85 in North East to N427 in South East.
The report indicates that the price disparity is due to a range of factors, including the cost of transportation and distribution of fuel.
The rising petrol prices have caused widespread concern among Nigerians, with many struggling to afford the increasing cost of living.
The price of petrol is a key issue in Nigeria, as the country relies heavily on imported fuel, despite being one of the world’s largest oil producers.
The Nigerian government has attempted to address the rising petrol prices through a range of measures, including the removal of petrol subsidies in 2022. However, this move has not had the desired effect, as prices have continued to rise.
The report also notes that the disparity in fuel prices has led to the emergence of a black market for fuel, with some retailers selling fuel at prices significantly higher than the government’s regulated price. This has resulted in many Nigerians paying exorbitant prices for fuel, putting a strain on their finances.
The high cost of fuel has had a significant impact on the lives of Nigerians, particularly those living in poverty. The increased cost of transportation and the cost of living have made it difficult for many Nigerians to make ends meet.
The ICIR report has prompted calls for the government to take urgent action to address the issue of high fuel prices. Nigerians are calling for the government to develop policies to regulate the prices of fuel and ensure that all citizens have access to affordable fuel.
The ICIR report provides policymakers with valuable data that can be used to develop policies that address the disparities in fuel prices across different states. The report is a call to action for the government to take steps to address the issue of high fuel prices and ensure that Nigerians have access to affordable fuel.
The ICIR report shows that Nigerians are struggling with high fuel prices that vary considerably from state to state. The report highlights the urgent need for the government to develop policies to regulate fuel prices and ensure that all citizens have access to affordable fuel. The government must take urgent action to address this issue and alleviate the burden on Nigerians.