The average cost of diesel in Nigeria has surged by 73.63% on a year-on-year, reaching N1,379.48 per liter in July 2024, according to the National Bureau of Statistics (NBS).
NBS, in a statement on Sunday, said this represents an increase from the N794.48 recorded in the same period last year.
“The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 73.63% on a year-on-year basis from a lower cost of N794.48 per liter recorded in the corresponding month of last year (i.e., July 2023) to a higher cost of N1379.48 Per liter in July 2024,” NBS said.
On a month-on-month basis, a decrease of 5.71% was recorded from N1462.98 in June 2024 to an average of N1379.48 in July 2024.
Looking at the variations in the state prices, the top three states with the highest average price of the product in July 2024 include Taraba State (N1721.79), Borno State (N1694.17), and Bauchi (N1619.54). Furthermore, the top three lowest prices were recorded in the following states: Kogi State (N1186.31), Kano State (N1211.11), and Osun (N1246.82).
Meanwhile, the zonal representation of the average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1600.85 while South West Zone has the lowest price of N1266.57 when compared with other Zones.
Premium Motor Spirit (Petrol) prices also climbed, with an average of N770.54 per liter in July 2024, indicating a 28.35% increase compared to the value recorded in July 2023 (N600.35).
Comparing the average price value with the previous month, June 2024, the average retail price increased by 2.72% from N750.17.
On state profile analysis, Katsina State had the highest average retail price for Premium Motor Spirit (Petrol), at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.
Conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75, respectively.
Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N820.10, while the South-South Zone had the lowest price of N678.30.
