NBS: Diesel Price Rises by 64.58% In One Year

…as petrol cost more in Bauchi, Benue

The National Bureau of Statistics (NBS) has said that average retail price of a litre of diesel rose from N854.32 in August 2023 to N1,406.05, which is a 64.58 per cent increase.

This was contained in NBS latest Diesel Price Watch for August 2024, which was seen by New Telegraph yesterday. The report showed that on a month-on-month basis, it increased by 1.93 per cent from the N1,379.48 per litre recorded in July 2024.

On zonal analysis, the North-East Zone had the highest diesel price at N1,621.23 per litre, while the South-West had the lowest at N1,283.47.

On state by state basis, Kaduna State had the highest diesel price in August at N1,979.23 per litre, with Bauchi following at N1,927.34, and Taraba at N1,638.14. The lowest prices were recorded in Lagos, N1,237.14; Ogun, N1,255.00, and Osun, N1,268.18.

Meanwhile, Benue, Bauchi and Gombe states recorded the highest level of retail price for Premium Motor Spirit (petrol) in the preceding month of August,2024 National Bureau of statistics (NBS) PMS watch showed A liter of fuel sold for N941.24 in Benue , Bauchi N935.71 and Gombe state N925.00 respectively while,. Delta, Cross River, and Edo States had the lowest average retail prices for Premium Motor Spirit (petrol), at N667.50, N672.00, and N676.25 .

The NBS put average retail price paid by consumers for Premium Motor Spirit (petrol) for August 2024 at N830.46, indicating a 32.51 per cent increase compared to the value recorded in August 2023 (N626.70).

Comparing the average price value with the previous month (.i.e. July 2024), the average retail price increased by 7.78 per cent from N770.54. On the zonal profile, the North-East Zone had the highest average retail price of N908.21, while the SouthSouth Zone had the lowest price of N677.11.