Nigeria’s Diesel Price Soars to Highest Worldwide, up 82.7% – UNCTAD

Nigeria’s diesel price has reached an all-time high, according to the United Nations Conference on Trade and Development (UNCTAD). In a report, the international organization revealed that the price of diesel in Nigeria has increased by 82.7%, making it the most expensive in the world.

This development comes amidst global fuel price volatility, with crude oil prices fluctuating due to geopolitical tensions and supply disruptions. However, Nigeria’s fuel subsidy policy, which has been a subject of debate for years, is believed to have played a significant role in the recent price hike.

The Nigerian National Petroleum Corporation (NNPC) has not yet commented on the report, nor has it said when the facility began operating with the increased diesel price.

This latest development is likely to impact businesses and consumers across Nigeria, as diesel is a crucial energy source for transportation and industrial activities. The high cost of diesel may further exacerbate inflation and economic hardships faced by many Nigerians.

Source: LEADERSHIP Newspapers