Petrol, diesel prices rise 86% in eight months – Report
The average prices of petrol and diesel have risen by 86 per cent in eight months, reaching N1,378/litre and N1,899/litre respectively, a new report says. Read More: https://punchng.com/petrol-diesel-prices-rise-86-in-eight-months-report/
According to the latest fuel price trend report by Priceandpromo, petrol and diesel prices in Nigeria have surged by 86% over the past eight months, reaching their highest average price levels for the year by September 22. The report reveals that the average price of petrol, or Premium Motor Spirit (PMS), reached N1,378 per litre, an increase of 80.8% from January 13, while diesel, or automotive gas oil (AGO), rose to N1,899 per litre, marking a 91.8% surge over the same period.
The combined average price increase of both products stands at 86.3%, rounding to 86%. The report attributes this renewed upward trend to the relative stability between April and July, followed by a second rise in August and September. The heightened volatility in the international energy market is cited as the primary driver behind these price increases, with the domestic market remaining vulnerable to fluctuations in global energy costs.
The report underscores the significant impact of these price hikes on transportation, logistics, and the overall cost of distributing goods, emphasizing the need for continued monitoring of this development due to its potential implications for mobility and the cost of moving goods in the market.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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