Petrol price stood at N1,214.17 in November 2024 – NBS

According to the National Bureau of Statistics (NBS), the price of petrol in Nigeria stood at an average of N1,214.17 per liter in November 2024. This figure marks a significant rise compared to previous months and reflects the ongoing challenges in the country's fuel sector, which has seen frequent price adjustments due to factors such as changes in global oil prices, currency fluctuations, and local supply issues.

The sharp increase in petrol prices has been a source of concern for many Nigerians, particularly as the country continues to grapple with high inflation and rising costs of living. Petrol price hikes directly impact transportation costs, which in turn affect the prices of goods and services across various sectors, from agriculture to manufacturing.

The rise in petrol prices is also reflective of broader economic conditions, including the challenges of subsidy removal, foreign exchange volatility, and supply chain disruptions. The Nigerian government has been under increasing pressure to find solutions to the fuel pricing issue while balancing the need to maintain a stable economy.

The NBS's report highlights the continuing trend of fuel price volatility in Nigeria, which has led to widespread public dissatisfaction, particularly in urban areas where transportation costs are a significant part of household expenditure. As petrol prices remain high, the government is likely to face calls for more support for the most vulnerable groups and greater efforts to ensure the stability of fuel pricing in the long term.

Given the high cost of petrol, many Nigerians are adjusting their lifestyles, exploring alternatives like public transportation or energy-efficient technologies. The government's response to the situation will be crucial in determining the long-term impact of these price hikes on the broader economy and the welfare of the population.