Diesel prices surge by 7.5% in August – NBS

Diesel prices plummet to N978 per liter just weeks ahead of christmas
Diesel prices plummet to N978 per liter just weeks ahead of christmas

In August 2023, the average retail cost of Automotive Gas Oil (Diesel) in Nigeria experienced significant price fluctuations, both concerning year-on-year and month-on-month comparisons.

A year-on-year analysis indicates a substantial increase of 8.57% in the average retail price of Diesel.

In August 2023, consumers were paying an average of N854.32 per liter, compared to the lower rate of N786.88 per liter recorded in the same month the previous year.

On a month-on-month basis, there was a noteworthy rise of 7.53% in diesel prices. In August 2023, the average price per liter was N854.32, up from N794.48 in the previous month of July.

When examining diesel prices at the state level, interesting variations emerge. The top three states with the highest average diesel prices in August 2023 were:

  1. Abia State – N970.00 per liter
  2. Niger State – N960.14 per liter
  3. Abuja – N950.22 per liter

In contrast, the three states offering the lowest diesel prices were:

  1. Bayelsa State – N700.00 per liter
  2. Katsina State – N771.43 per liter
  3. Kaduna State – N775.42 per liter

A regional analysis highlights significant price disparities among different zones. The North Central Zone had the highest average diesel price at N907.86 per liter, making it the costliest option among all zones.

Conversely, the South South Zone had the lowest diesel price, with an average of N820.02 per liter, providing a more affordable choice for consumers compared to other regions.