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Tag: Diesel price

  • Diesel price fell by 5.71% last month, says NBS

    Diesel price fell by 5.71% last month, says NBS

    The National Bureau of Statistics (NBS) has said the average price of the Automotive Gas Oil (AGO), popularly called diesel, crashed by 5.71 per cent last month.

    In its “Automotive Gas Oil (diesel) price watch July” report, NBS said: “On a month-on-month basis, a decrease of 5.71 per cent was recorded from N1,462.98 in June 2024 to an average of N1,379.48 in July 2024.”

    The report also said the average retail price of diesel paid by consumers increased by 73.63 per cent on a year-on-year basis from N794.48 per litre recorded in the corresponding month of last year (that is, July 2023) to N1,379.48 per litre last month.

    Examining the variations in the state prices, NBS said the top three states with the highest average price of the product last month included Taraba (N1,721.79), Borno (N1,694.17), and Bauchi (N1,619.54).

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    The report said the top three lowest prices were recorded in Kogi (N1,186.31), Kano (N1,211.11), and Osun (N1,246.82).

    It also said the zonal representation of average price of Automotive Gas Oil (or diesel) showed that the Northeast had the highest price of N1,600.85 while the Southwest had the lowest price of N1,266.57, when compared with other zones.

    Similarly, the NBS said the average retail price paid by consumers for Premium Motor Spirit (or petrol) for last month was N770.54, indicating a 28.35 per cent increase, compared to the value recorded in July 2023 (N600.35).

    Comparing the average price value with the previous month (that is, June 2024), the report said the average retail price increased by 2.72 per cent from N750.17.

    On state profile analysis, Katsina had the highest average retail price for petrol, at N950.00; Jigawa and Benue were next with N903.08 and N846.95.

    The NBS noted that conversely, Kwara, Edo, and Akwa Ibom states had the lowest average retail prices for PMS, at N650.00, N669.75, and N673.75.

    In the period under review, the NBS said on the zonal profile, the Northwest had the highest average re tail price of N820.10, while the Southsouth had the lowest price of N678.30.

  • Diesel price rises by 30.50% in one year

    Diesel price rises by 30.50% in one year

    The National Bureau of Statistics (NBS) has said the average price of the Automotive Gas Oil (AGO) or diesel rose by 30.50 per cent in 12 months.

    This was contained in its document tagged: “Automotive Gas Oil (Diesel) Price Watch (November 2023).”

    NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 30.50 per cent yearly from a lower cost of N808.87 per liter recorded in the corresponding month of last year to a higher cost of N1055.57 per liter in November 2023.”

    The document noted that  monthly, an increase of 5.03per cent was recorded from N1004.98 in October  to an average of N1055.57 in November 2023.

    According to NBS, looking at the variations in the state prices, the top three state with the highest average price of the product in November 2023 include Benue State (N1280), Kaduna State (N1183.45) and Sokoto State (N1183.33).

    NBS also stated that the top three lowest prices were recorded in the following states: Rivers  (N875), Abia (N900.77) and Bayelsa State (N920). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that Northcentral Zone has the highest price of N1123.75 while Southeast Zone has the lowest price N959.69 when compared with other zones.

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    In a similar document entitled: “Premium Motor Spirit (Petrol) Price Watch (November 2023), the NBS said the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of November 2023 was N648.93, indicating a 220.49per cent increase when compared to the value recorded in November 2022 (N202.48).

    The data noted that likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90per cent from N630.63. On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.

    On the other side, according to the Bureau, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively. Lastly, on Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75.