The average retail price of Automotive Gas Oil (AGO) diesel rose by 37.76% in one year, according to the National Bureau of Statistics (NBS).
Its document tagged: “Automotive Gas Oil (Diesel Price Watch (December 2023),” said the price soared from N817.86/litre in December 2022 to N1126.69/litre in December 2023.
NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023.”
The document further noted that on a month-on-month basis, an increase of 6.74% was recorded from N1055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.
In the period under review, said NBS, looking at the variations in the State prices, the top three States with the highest average price of the product, include Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09).
NBS added that the top three lowest prices were recorded in the following States namely, Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).
The data explained that the Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North West Zone has the highest price of N1227.31 while the South South Zone has the lowest price of N1039.90 when compared with other Zones.
In a similar document titled: “Premium Motor Spirit (Petrol Price Watch (December 2023),” NBS disclosed that the average retail price paid by consumers for Premium Motor Spirit (Petrol) for December 2023 was N671.86, indicating a 225.85% increase when compared to the value recorded in December 2022 (N206.19).
It further noted that likewise, comparing the average price value with the previous month (.i.e. November 2023), the average retail price increased by 3.53% from N648.93.
On State profile analysis, according to the Bureau, Ogun State had the highest average retail price for Premium Motor Spirit (Petrol), at N776.54, Taraba and Adamawa States were next, with N760.00 and N745.71, respectively.
NBS also said that on the other side, Kano, Lagos and Borno States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.78, N612.72 and N622.71 respectively.
The document noted that on the Zonal profile, the North East Zone had the highest average retail price of N699.82, while the North Central Zone had the lowest price of N657.69
