The average retail price of Automotive Gas Oil in Nigeria increased significantly by 64.58% year-on-year, reaching N1,406.05 per litre in August 2024.
This is according to the National Bureau of Statistics Automotive Gas Oil Price Watch Report for September 2024 released on Monday.
This marks a substantial rise from N854.32 per litre recorded in the same month last year
The sharp rise in diesel prices reflects ongoing cost pressures on consumers as fuel prices continue to escalate.
“On a month-on-month basis, an increase of 1.93 per cent was recorded from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024,” the report highlighted.
The data was gathered from over 10,000 respondents across 774 Local Government Areas in all 36 states and the Federal Capital Territory, Abuja.
Significant regional variations were noted, with Kaduna, Bauchi, and Taraba States reporting the highest average diesel prices.
Kaduna topped the list at N1,930.79/litre, closely followed by Bauchi at N1,927.34 and Taraba at N1,638.14. In contrast, the lowest prices were reported in Lagos (N1,237.14), Ogun (N1,255.00), and Osun (N1,268.18) States.
A zonal analysis revealed that the North-East zone had the highest average price of N1,621.23, while the South-West Zone recorded the lowest at N1,283.47.
This disparity highlights the uneven distribution of fuel costs across the country, influenced by differing supply and demand dynamics, transportation costs, and regional market conditions.
The sharp increase in diesel prices further aggravates the economic burden on Nigerians, particularly as inflationary pressures continue to impact household finances.
Recall in August 2024, Nigeria’s headline inflation rate eased to 32.15%, down from 33.40% in July 2024. However, month-on-month inflation remained elevated at 2.22%, indicating ongoing price increases across various sectors.
