In its most recent diesel price watch for February 2024, the National Bureau of Statistics revealed that the average cost of automotive gas oil, known as diesel, increased by 50.20 percent year over year due to economic hardship.
As a result, according to the report, the retail price of diesel increased to N1,257.06 per litre in February from N836.91 in the previous year. Month over month, the average price increased by 9.02 percent, from N1,153.01 in January 2024 to N1,257.06 in February 2024.
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Taking a look at the differences in prices by state, the top three states with the highest average price of the product in February 2024 were Adamawa State (N1,037.50), Kano State (N1,111.43), and Katsina State (N1,125). The top three lowest prices were recorded in Akwa Ibom State (N1,525), Gombe State (N1,500), and Kwara (N1,444).
In spite of its substantial gas and crude oil deposits, the South South zone has the highest average price of N1,343.09 according to the zonal representation of diesel prices, while the South West zone has the lowest price, N1,164.05, when compared to other zones.
