You are here: HomeBusiness2022 11 22Article 606464

Business News of Tuesday, 22 November 2022


Diesel price rises by 215.30 percent in one year – NBS

Diesel station (file image) Diesel station (file image)

The National Bureau of Statistics (NBS) has said the average price of Automotive Gas Oil (AGO) soared by 215.30 per cent in one year.

In its document titled: “Automotive Gas Oil (Diesel) Price Watch (October 2022,” NBS said from N254.07 per litre in October 2021, it increased to N801.09 per litre in October 2022.

“The average retail price of Automotive Gas Oil (Diesel) paid by consumers in October 2022 was N801.09 per litre, an increase of 215.30% from N254.07 per litre recorded in the corresponding month of the previous year,” it said.

The data also said on a month-on-month basis, this increased by 1.42 percent from N789.90 per litre reported in September 2022.

On state profile analysis, NBS noted that the highest average price of the product in October 2022 was recorded in Ebonyi with N858.33, followed by Bauchi with N857.50, and Plateau with N856.25.

On the other hand, according to the Bureau, the lowest price was recorded in Akwa Ibom with N748.18 followed by Benue with N750.00 and Edo with N765.91. Furthermore, analysis by zone showed that the North-Central had the highest price with N818.41, while the South-South recorded the lowest price with N774.96.

In a similar document on the Premium Motor Spirit (PMS ) petrol, the NBS said the average retail price paid by consumers for petrol for October 2022 was N195.29, indicating a 17.93% increase when compared to the value recorded in October 2021 (N165.60).

The NBS added that likewise, comparing the average price value with the previous month (i.e., September 2022), the average retail price increased by 1.90% from N191.65.

On State profile analysis, the dataa noted that Kebbi state had the highest average retail price for Premium Motor Spirit (Petrol) with N211.00, followed by Kano with N210.14 and Gombe with N210.00.

The Bureau said on the other hand, Sokoto had the lowest average retail price for Premium Motor Spirit (Petrol) with N185.00, followed by Taraba with N185.42 and Abia with N186.56.

It said analysis by zone showed that the North-West recorded the highest average retail price in October 2022 with N198.28, while the South-West had the lowest with N192.42.