The average retail price of Automotive Gas Oil also known as Diesel paid by consumers soared by 59.51% year-over-year, increasing from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024.
The price increased by 6.69% month to month from N1257.06 in February 2024 to N1341.16 in March of that year.
The highest average prices in March 2024 were found in Edo, Jigawa, and Cross River States at N1566.67, N1533.33, and N1532.71 respectively.
On the other hand, the lowest prices were recorded in Plateau State at N1067.25, Niger State at N1140.00, and Adamawa State at N1175.00.
According to a regional breakdown of average diesel prices, the South Southern zone recorded the highest price at N1419.35 while the North Central Zone had the lowest value in comparison with other zones.
The federal government had in October last year suspended the 7.5% Value Added Tax on diesel, following the rise in the price of diesel, for six months to cushion the effect of the fuel subsidy removal.
However, as of March 31, 2024, the VAT exemption period had expired and no further action was announced by the Federal Government.
Also, the Dangote Refinery reported that it has slashed the price of diesel to N1000.
