The National Bureau of Statistics has states that the average retail price of Automotive Gas Oil, AGO, otherwise known as Diesel, increased from N854.32 per litre in August 2023 to N1, 406.06 in August 2024.
According to the NBS report, the increase represents 64.58 year on year basis.
On a Month-on-Month, MoM, basis, the average price value increased by 1.93 percent from N1,379.48 per liter in July 2024. “Looking at the variations in the State prices, the top three States with the highest average price of the product in August 2024 include Kaduna State (N1,930.79), Bauchi State (N1,927.34), and Taraba (N1,638.14).
“Furthermore, the top three lowest prices were recorded in the following State namely, Lagos State (N1,237.14), Ogun State (N1,255.00), and Osun (N1,268.18).”
The Zonal representation of average price for the product showed that North East Zone has the highest price of N1,621.23 while South West Zone has the lowest price of N1,283.47 when compared with other Zones..
This comes as the average retail price per litre for Household Kerosene (HHK) increased YoY by 45.21percent to N1,847.59 per liter in August 2024 compared to N1,272.40 per liter recorded in 2023
On MoM basis, the product increased by 4.39 percent from N1,769.86 per liter in July 2024.
On state profile analysis, the highest average price per litre in August 2024 was recorded in Zamfara with N2,566.67, followed by Kano with N2,444.44 and Ogun with N2,388.89. On the other hand, the lowest price was recorded in Taraba with N1,181.18, followed by Adamawa with N1,185.74 and Borno with N1,296.95.
In addition, analysis by zone showed that the North West recorded the highest average retail price per litre for the product with N2,118.29, followed by the South-South with N2,075.45, while the North-East recorded the lowest with N1,454.38.
