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NBS reports 50% Surge in Diesel Price.

NBS reports 50% Surge in Diesel Price.

Amid economic challenges, the average price of automotive gas oil, commonly known as diesel, surged by 50.20 percent year-on-year, as revealed by the latest diesel price watch for February 2024 by the National Bureau of Statistics.

The report indicated that the retail price of diesel escalated to N1,257.06 per litre in February, marking a significant increase from N836.91 recorded last year.

Furthermore, on a month-on-month basis, there was a 9.02 percent rise from N1,153.01 in January 2024 to an average of N1,257.06 in February 2024.

Analyzing the variations across states, Akwa Ibom State, Gombe State, and Kwara recorded the highest average prices of the product in February 2024, standing at N1,525, N1,500, and N1,444, respectively. Conversely, Adamawa State, Kano State, and Katsina State reported the lowest prices, with N1,037.50, N1,111.43, and N1,125, respectively.

In terms of zonal representation, the South South zone registered the highest price of N1,343.09, despite its abundant gas and crude oil resources. On the other hand, the South West zone recorded the lowest price of N1,164.05 compared to other zones.

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