Price of diesel rose by 64.58% in one year – NBS
The average retail price of Automotive Gas Oil (Diesel) increased by 64.58 per cent on a year-on-year basis from N854.32 per litre to N1,406.05 Per litre in August 2024, the National Bureau of Statistics has reported. The NBS however noted that on a month-on-month basis, there was an increase of 1.93 percent from N1,379.48 in […]
The average retail price of Automotive Gas Oil (Diesel) increased by 64.58 per cent on a year-on-year basis from N854.32 per litre to N1,406.05 Per litre in August 2024, the National Bureau of Statistics has reported.
The NBS however noted that on a month-on-month basis, there was an increase of 1.93 percent from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024.
It noted that the commodity was costly in August 2024 showing Kaduna State (N1,930.79), Bauchi State (N1,927.34), and Taraba (N1,638.14) while the top three states with lowest prices were Lagos State (N1,237.14), Ogun State (N1,255.00), and Osun (N1,268.18).
The Zonal representation of average price diesel shows that North East Zone has the highest price of N1,621.23 while South West Zone has the lowest price of N1,283.47 when compared with other Zones.
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Meanwhile, another report said the average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased by 7.62 per cent on a month-on-month basis from N5,974.55 recorded in July 2024 to N6,430.02 in August 2024.
“On a year-on-year basis, this increased by 56.25% from N4,115.32 in August 2023 and for state profile analysis, Benue and Sokoto recorded the highest average price with N7,000.00, followed by Rivers with N6,954.55, and Borno with N6,914.29. On the other hand, Taraba recorded the lowest price with N5,600.67, followed by Abuja and Kogi with N5,825.00 and N5,857.56 respectively.
For Kerosene, it costs N1,847.59 on average per litre, an increase of 4.39 per cent compared to N1,769.86 recorded in July 2024.
“On a year-on-year basis, the average retail price per litre of the product rose by 45.21 percent from N1,272.40 in August 2023,” it said.
On state profile analysis, the highest average price was recorded in Zamfara with N2,566.67, followed by Kano with N2,444.44 and Ogun with N2,388.89.
On the other hand, the lowest price was recorded in Taraba with N1,181.18, followed by Adamawa with N1,185.74 and Borno with N1,296.95.