Diesel price soars 73%, petrol 28% in July - NBS

The average cost of diesel in Nigeria surged by 73.63% year-on-year, reaching N1,379.48 per litre in July 2024, according to the National Bureau of Statistics (NBS).

NBS, in a statement on Sunday, said this represents an increase from N794.48 recorded in the same period last year.

“The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 73.63% on a year-on-year basis from a lower cost of N794.48 per litre recorded in the corresponding month of last year (i.e., July 2023) to a higher cost of N1,379.48 per litre in July 2024,” NBS said.

On a month-on-month basis, a decrease of 5.71% was recorded from N1,462.98 in June 2024 to an average of N1,379.48 in July 2024.

Looking at the variations in state prices, the top three states with the highest average price of the product in July 2024 include Taraba State (N1,721.79), Borno State (N1,694.17), and Bauchi (N1,619.54).

Meanwhile, the top three lowest prices were recorded in Kogi State (N1,186.31), Kano State (N1,211.11), and Osun (N1,246.82).

The zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North-East Zone has the highest price of N1,600.85, while the South-West Zone has the lowest price of N1,266.57.

Premium Motor Spirit (Petrol) prices also climbed, with an average of N770.54 per litre in July 2024, indicating a 28.35% increase compared to the value recorded in July 2023 (N600.35).

Comparing the average price with the previous month, June 2024, the average retail price increased by 2.72% from N750.17.

On state profile analysis, Katsina State had the highest average retail price for Premium Motor Spirit (PMS), otherwise known as petrol, at N950.00, followed by Jigawa and Benue states with N903.08 and N846.95, respectively.

Conversely, Kwara, Edo, and Akwa Ibom states had the lowest average retail prices for petrol at N650.00, N669.75, and N673.75, respectively.

Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N820.10, while the South-South Zone had the lowest price of N678.30.