Diesel price surges by 50% – NBS

The average price of automotive gas oil, known as diesel, increased by 50.20 per cent on a year-on-year basis amid economic hardship.

The National Bureau of Statistics disclosed this in its latest diesel price watch for February 2024.

Accordingly, the report stated that the retail price of diesel surged to N1,257.06 per litre in February from N836.91 last year.

On a month-on-month basis, an increase of 9.02 per cent was recorded from N1,153.01 in January 2024 to an average of N1,257.06 in February 2024.

Looking at the variations in the state’s prices, the top three states with the highest average price of the product in February 2024 include Akwa Ibom State (N1,525), Gombe State (N1,500) and Kwara (N1,444).

In contrast, the top three lowest prices were recorded in Adamawa State (N1,037.50), Kano State (N1,111.43) and Katsina State (N1,125).

The zonal representation of the average price of diesel shows that South South zone has the highest price of N1,343.09 despite its huge gas and crude oil deposits, while the South West zone has the lowest price of N1,164.05 when compared with other zones.