The National Bureau of Statistics (NBS) has reported a significant Year-on-Year (YoY) increase in the average retail price of Automotive Gas Oil (Diesel) in August 2024. According to the report, the price rose by 64.58% to N1,406.05 per litre, up from N854.32 per litre recorded in August 2023.
On a Month-on-Month (MoM) basis, the price of diesel saw a 1.93% increase, climbing from N1,379.48 per litre in July 2024 to N1,406.05 per litre in August.
The NBS Automotive Gas Oil (Diesel) Price Watch report for August 2024 revealed notable price variations across states. The highest average diesel prices were recorded in Kaduna (N1,930.79), Bauchi (N1,927.34), and Taraba (N1,638.14). Meanwhile, the lowest prices were seen in Lagos (N1,237.14), Ogun (N1,255.00), and Osun (N1,268.18).
Regionally, the North East Zone reported the highest average diesel price at N1,621.23, while the South West Zone had the lowest at N1,283.47.
The report highlighted a YoY rise in Household Kerosene (HHK) prices, with a 45.21% increase to N1,847.59 per litre in August 2024, compared to N1,272.40 in August 2023. On a MoM basis, kerosene prices grew by 4.39%, from N1,769.86 in July 2024.
Zamfara recorded the highest kerosene prices at N2,566.67 per litre, followed by Kano (N2,444.44) and Ogun (N2,388.89). The lowest kerosene prices were observed in Taraba (N1,181.18), Adamawa (N1,185.74), and Borno (N1,296.95).
Zonal analysis showed that the North West had the highest average retail price for kerosene at N2,118.29, followed by the South-South (N2,075.45), with the North East recording the lowest price at N1,454.38.
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