Diesel now cost N1,403 up 66.29% in one year – NBS

As of May 2024, the price of automotive gas oil, also known as diesel, had increased by 66.29% year to date (YTD) to more than N1,403. Data from the National Bureau of Statistics (NBS) support this.

According to the Diesel Price Watch report, the price of diesel increased from N844.28 in May 2023 to N1,403.96 in May 2024.

On the other hand, the price decreased marginally month over month, from an average of N1,415.06 in April 2024 to an average of N1,403.96 in May 2024, indicating a 0.78% decrease in a single month.

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At the national level, there are a couple of variations in prices along geopolitical zones with the Northeast retaining its position as the zone with the most expensive price of diesel.

The average price of the commodity in the Northeast stands at N1,605.91 in May 2024 as opposed to the N908.02 as of May 2023.

Meanwhile, consumers pay the lowest for diesel in the Southwest, with an average price of N1,303.60 in May 2024. This is a 56.23% increase from May 2023 when diesel stood at N834.56.

At the state level, the top three states with the highest average price of the product in May 2024 are Adamawa State at N1709, Sokoto State at N1675 and Bauchi at N1657.92.

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These states stand out for having the highest average prices compared to others in the same period.

On the other hand, the top three lowest prices were recorded in the following states: Niger State at N1140.20, Kano State at N1153.33, and Oyo State at N1236.92.

These states represent the regions where the product was priced lowest compared to others in May 2024.

Niger State registered the lowest average price at N1140.20, followed closely by Kano State at N1153.33 and Oyo State at N1236.92.