The rising cost of energy has continued to take its toll on Nigerians, with petrol prices soaring by 64 per cent year-on-year, while the amount Nigerians buy Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, rose by 60 per cent.
Also, the average retail prices of diesel skyrocketed by 59.2 per cent y-o-y, while that of household kerosene increased by 50 per cent during the period under consideration.
Latest data released from the National Bureau of Statistics (NBS) showed that for petrol, in the month of September, Katsina experienced the highest price, with residents buying at an average of N1,096/litre, while Rivers topped in terms of cooking gas pricing at N7,285.71 for a 5kg cylinder.
Apart from the dynamics of the international oil market, which have seen crude oil rise above $80 per barrel, President Bola Tinubu‘s decision to remove subsidy on petrol and float the Naira have contributed immensely to the soaring energy prices.
