The average price of diesel in Nigeria rose by 1.93% month-on-month in August 2024, reaching N1,406.05 per liter, according to the latest data from the National Bureau of Statistics (NBS).
This increase comes amid a growing dispute between local marketers and Dangote Refinery, as many marketers have opted not to purchase the refinery’s more affordable diesel products.
In July 2024, the average retail price of Automotive Gas Oil (Diesel) paid by consumers fell by 5.71%, decreasing from N1,462.98 in June to N1,379.48. However, in August, diesel prices saw a sharp rebound, likely driven by the boycott led by local fuel marketers.
On a year-on-year basis, the country recorded a significant 64.58% increase, with prices rising from N854.32 per liter in August 2023. The NBS report highlighted that the highest average prices were observed in the northern region, with Kaduna at the top, recording N1,930.79 per liter, followed by Bauchi at N1,927.34. In contrast, southern states like Lagos and Ogun posted the lowest average prices at N1,237.14 and N1,255.00, respectively.
The report stated: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 64.58% year-on-year from a lower cost of N854.32 per liter in August 2023 to N1,406.05 in August 2024.”
It further added: “On a month-on-month basis, an increase of 1.93% was recorded from N1,379.48 in July 2024 to N1,406.05 in August 2024.
“Regarding state-by-state price variations, the top three states with the highest average prices in August 2024 were Kaduna (N1,930.79), Bauchi (N1,927.34), and Taraba (N1,638.14).
“On the other hand, the states with the lowest prices were Lagos (N1,237.14), Ogun (N1,255.00), and Osun (N1,268.18).”
Credit: Nairametrics