Diesel Price Skyrockets to N1,415.06/ltr, Reveals National Bureau of Statistics

The average retail price of Automotive Gas Oil (Diesel) has surged by a staggering 68.01% year-on-year, reaching N1,415.06 per litre in April, according to data released by the National Bureau of Statistics (NBS).

The latest Automotive Gas Oil (Diesel) Price Watch for April 2024 unveiled by the NBS indicates a notable 5.51% month-on-month increase from N1341.16 in March 2024.

A meticulous analysis of state-level data uncovers significant disparities in diesel prices across Nigeria. Taraba State emerges as the frontrunner with the highest average price at N1,742.46 per litre, trailed closely by Bauchi State at N1,669.63 and Borno State at N1,652.61. These figures underscore the evident regional discrepancies in fuel costs, influenced by various factors including transportation expenses, supply logistics, and regional demand dynamics.

Conversely, Niger State, Kogi State, and Adamawa State registered the lowest diesel prices in April 2024. Niger State recorded the most affordable rate at N1,023.00 per litre, followed by Kogi State and Adamawa State with N1,152.50 and N1,257.50 per litre, respectively.

Delving into the zonal distribution, the North East zone reported the highest average price at N1,553.80 per litre, while the North Central Zone boasted the lowest average price at N1,307.21 per litre. This regional breakdown sheds light on the varying economic realities impacting diesel pricing across Nigeria.