See more as NBS data shows diesel price rises by 43.41% in one year

• The National Bureau of Statistics has again revealed that the average price of diesel has increased in October
• The bureau noted that the price change was recorded in a month-on-month and year-on-year analysis
• The top three states with the highest average price of the product in October include Bauchi, Benue and Plateau States

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) has disclosed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased to N1441.28 per litre in the month of October 2024.

The new diesel price indicated a 43.41% increase on a year-on-year basis from a lower cost of N1004.98 per litre recorded in October 2023.

Nigerians pay more for Diesel prices Photo credit: Bloomberg/contributor
Source: Getty Images

The bureau also noted that on a month-on-month basis, an increase of 1.58% was recorded from N1418.83 in September 2024.

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

States by state analysis

Furthermore, the NBS provided a breakdown of state-by-state analysis, showing the top three States with the highest average price of the product in October 2024, Punch reports.

According to the statistics agency, the top three States with the highest average price of the product in October 2024 include Bauchi State (N2031.00), Benue State (N1792.00), and Plateau State (N1743.65).

Furthermore, the top three lowest prices were recorded in the following State namely, Ogun State (N1200.71), Kaduna (N1244.50), and Ekiti State (N1278.65).

The Zonal representation of the average price of a diesel shows that the North East Zone has the highest price of N1650.62 while the South West Zone has the lowest price of N1326.50 when compared with other Zones.

Dealers increase the cost of refilling cooking gas again

Legit.ng earlier reported that NBS had revealed that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) increased to N6,699.63 in September 2024.

This represents a 4.19% month-on-month increase from N6,430.02 recorded in August 2024 and a 59.90% year-on-year increase from N4,189.96 in September 2023.

NBS stated this in its latest PMS price watch report, published on its website and analysed by Legit.ng.

Source: Legit.ng