Diesel goes up in price 50.20% YoY
By Jeph Ajobaju, Chief Copy Editor
Diesel (automotive gas oil, AGO) rose 50.20 per cent in price in the past one year, increasing costs for manufacturers and service providers who rely on it for their power plants in place of national grid supply that has got worse for months running.
It is basic economics, well known in Aso Rock and on the streets, that increase in the cost of energy leads to increase in production costs that translate into high prices of goods and services for consumers.
The National Bureau of Statistics (NBS) disclosed in its latest diesel price watch for February 2024 that the retail price jumped year-on-year (YoY) from N836.91 per litre in February 2023 to N1,257.06 in February 2024.
It increased 9.02 per cent month-on-month (MoM) from N1,153.01 per litre in January 2024 to an average N1,257.06 in February.
Top 3 states with the highest price
According to the NBS, below are the top three states with the highest average price per litre in February 2024
- Akwa Ibom – N1,525
- Gombe – N1,500
- Kwara – N1,444
Bottom 3 states with the lowest price
- Katsina N1,125
- Kano N1,111.43
- Adamawa N1,037.50
Highest price by zone
South South – N1,343.09
Lowest price by zone
South West – N1,164.05
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