Lagos, Nigeria – September 24, 2024 – The average retail price of Automotive Gas Oil (diesel) in Nigeria has soared by 64.58% year-on-year, reaching N1,406.05 per litre in August 2024, compared to N854.32 per litre in the same month last year. This alarming increase underscores the persistent cost pressures faced by consumers as fuel prices continue to rise.
According to the National Bureau of Statistics (NBS) Automotive Gas Oil (Diesel) Price Watch Report released on Monday, the price also saw a month-on-month increase of 1.93%, up from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024.
The report’s findings were based on data collected from over 10,000 respondents across 774 Local Government Areas in all 36 states and the Federal Capital Territory, Abuja. Significant regional disparities were observed, with Kaduna, Bauchi, and Taraba States recording the highest average diesel prices. Kaduna topped the list at N1,930.79 per litre, closely followed by Bauchi at N1,927.34 and Taraba at N1,638.14. Conversely, Lagos, Ogun, and Osun States reported the lowest prices, with averages of N1,237.14, N1,255.00, and N1,268.18, respectively.
A zonal analysis revealed that the North-East zone had the highest average diesel price at 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 Nigeria, influenced by differing supply and demand dynamics, transportation costs, and regional market conditions.
The sharp rise in diesel prices adds to the economic burden on Nigerians, especially in a climate of ongoing inflationary pressures. In August 2024, the headline inflation rate eased to 32.15%, down from 33.40% in July. However, the month-on-month headline inflation still stood at 2.22%, indicating persistent price increases. Food inflation, a key indicator of living costs, remained elevated at 37.52% in August 2024.
As the government considers measures to address the rising fuel costs, consumers are left grappling with the implications for their household finances and overall economic stability.
