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Price Pressures Build in Nigeria as Diesel Costs Surge 200%

Traffic crosses a busy intersection in Lagos, Nigeria, in April.

Traffic crosses a busy intersection in Lagos, Nigeria, in April.

Photographer: Damilola Onafuwa/Bloomberg

The Nigerian central bank’s plan to rein in inflation that’s a at five-and-a-half-year high may prove to be even more difficult after diesel prices tripled in June and show little signs of relenting.

Average diesel prices increased 203% from a year earlier in June to 733.8 naira ($1.74) a liter, according to data published by the National Bureau of Statistics on Wednesday. That’s the highest level since at least June 2016, its data shows. Diesel prices have risen further to 780 naira a liter this month.