PETROL, DIESEL PRICES RISE 86% IN EIGHT MONTHS – REPORT

New market data shows sharp upward trajectory in average retail energy costs, compounding cost-of-living pressures and logistics overheads nationwide

The average retail prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) have surged by approximately 86 per cent over the first eight months of the year, according to a comprehensive fuel price trend report.  

The data highlights that both energy products climbed to their highest average price thresholds mid-September, with petrol averaging around ₦1,378 per litre and diesel scaling up to an average of ₦1,899 per litre.  

According to the market assessment, the pace of increase for diesel outpaced that of petrol during the period under review, reflecting broader supply adjustments and intensifying cost pressures within the energy sector.  

Financial analysts and transport unions have expressed deep concern over the steady upward creep, noting that spikes in fuel pump prices serve as a major transmission channel feeding directly into transportation tariffs, food distribution, and general consumer goods.  

The persistent surge in energy costs continues to strain household budgets and corporate operational capacities, prompting renewed calls for robust domestic refining optimization and sustainable palliative measures to cushion vulnerable sectors of the economy.