The average retail price of Automotive Gas Oil, commonly known as diesel, in Nigeria soared by 64.58 percent year-on-year, hitting N1,406.05 per litre in August 2024, up from N854.32 per litre in August 2023.
This data was published in the National Bureau of Statistics’ Automotive Gas Oil (Diesel) Price Watch Report for September 2024, released on Monday. The sharp rise underscores the ongoing pressure on consumers as fuel prices continue to climb.
The report noted a month-on-month increase of 1.93 percent, as prices rose from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024. Data for the report was gathered from more than 10,000 respondents spread across 774 Local Government Areas in Nigeria’s 36 states and the Federal Capital Territory, Abuja.
Significant regional price disparities were recorded, with the highest average prices seen in Kaduna, Bauchi, and Taraba states. Kaduna reported the highest price at N1,930.79 per litre, followed by Bauchi at N1,927.34 and Taraba at N1,638.14. Conversely, Lagos (N1,237.14), Ogun (N1,255.00), and Osun (N1,268.18) states had the lowest diesel prices.
A zonal analysis showed the North-East region had the highest average price at N1,621.23, while the South-West had the lowest at N1,283.47, reflecting the uneven distribution of fuel costs across the country. This disparity is influenced by factors such as supply-demand differences, transportation expenses, and local market conditions.
The spike in diesel prices adds to the economic challenges faced by Nigerians, particularly as inflation continues to strain household budgets. In August 2024, Nigeria’s headline inflation rate eased slightly to 32.15 percent, down from 33.40 percent in July 2024. However, month-on-month inflation remained high at 2.22 percent, indicating ongoing price pressures.
