Diesel price rises 68% to N1,415.06/ltr

The average retail price of Automotive Gas Oil (Diesel) rose 68.01 per cent, year-on-year (YoY) to N1,415.06 per litre in April.

The National Bureau of Statistics (NBS) disclosed this in its Automotive Gas Oil (Diesel) Price Watch for April 2024.

The report also revealed that on a month-on-month (MoM) basis, the price of diesel rose 5.51% from N1341.16 in March 2024.

A closer look at the state-level data reveals significant variations in diesel prices across Nigeria. Taraba State emerged with the highest average price at N1742.46 per litre, followed by Bauchi State at N1669.63 and Borno State at N1652.61. These figures underscore the regional disparities in fuel costs, influenced by factors such as transportation, supply logistics and regional demand.

However, the states with the lowest diesel prices in April 2024 were Niger State, Kogi State, and Adamawa State. Niger State recorded the lowest price at N1,023.00 per litre, while Kogi State and Adamawa State followed with N1152.50 and N1257.50 per litre, respectively.

Analysing the zonal distribution of diesel prices, the North East zone reported the highest average price at N1,553.80 per litre. In contrast, the North Central Zone had the lowest average price at N1,307.21 per litre.