Revealed: See list of states with cheapest diesel prices in Nigeria

• The National Bureau of Statistics has revealed that the average price of diesel reduced in July 2024
• The new data shows that new average fuel prices for a litre sold at filling stations dropped 5.71%
• North East Zone has the highest price of N1600.85 while South West Zone has the lowest price of N1266.57 when compared with other Zones

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS), the average retail price of Automotive Gas Oil (Diesel) paid by consumers in the month of July 2024 was N1379.48 per liter.

The new diesel price indicates a 5.71% increase compared to the average diesel pump price of N1462.98 per litre recorded in June 2024.

Diesel prices increase again Photo credit: Benson Ibeabuchi
Source: Getty Images

NBS stated this in its latest Automotive gas oil (Diesel) price watch report, which was published on its website and obtained by Legit.ng.

The report also noted that in July 2024, compared to the N794.48 per liter paid in July 2023, Nigerians experienced a 73.63% increase year-on-year in average prices.

Diesel is cheapest in the western states

Furthermore, the NBS provided a breakdown of state-by-state analysis, showing that the top three States with the highest average price of the product in July 2024 include Taraba State (N1721.79), Borno State (N1694.17), and Bauchi (N1619.54).

Furthermore, the top three lowest prices were recorded in the following States: Kogi State (N1186.31), Kano State (N1211.11), and Osun (N1246.82).

The zonal representation of the average price of diesel shows that the North East Zone has the highest price at N1,600.85, while the South West Zone has the lowest price at N1,266.57 compared to other zones.

Here is the 10 cheapest states to buy diesel

• Kogi: N1,186.31
• Kano: N1,211.11
• Osun: N1,246.82
• Ogun: N1,251.11
• Abuja: N1,254.40
• Lagos: N1,261.56
• Edo: N1,266.67
• Kwara: N1,268.00
• Oyo: N1,273.33
• Ekiti: N1,277.50

Dangote refinery crashes diesel price

Earlier, Legit.ng reported that the pump price of petrol at the Dangote and PH refineries is about to crash to N500 per litre.

There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150.

The Dangote Refinery has already begun reducing the diesel price from N1,700 to N1,000 per litre.

Source: Legit.ng