Nigeria has recorded the world’s highest increase in diesel prices, according to the United Nations Conference on Trade and Development. The price of Automotive Gas Oil rose by 82.7% in the country, surpassing any other nation. The surge comes amid ongoing economic challenges and rising inflation.
The UNCTAD report notes that the sharp increase in diesel prices has significantly impacted transportation and industrial sectors. Fuel costs now account for a larger share of household expenses, worsening the financial strain on citizens. The government has not yet announced any immediate measures to stabilize the market.
This price spike follows months of currency depreciation and supply chain disruptions. The Nigerian Naira has lost over 30% of its value against the dollar, complicating importation and fuel subsidies. Analysts warn that without intervention, the economic crisis could deepen. The situation reflects broader regional trends of inflation and fuel price volatility.
