Nigeria — A recent report from the National Bureau of Statistics (NBS) reveals alarming increases in the average retail price of Automotive Gas Oil (AGO), commonly known as diesel. As of August 2024, diesel prices have skyrocketed by 64.58% year-on-year (YoY), reaching an average of ₦1,406.05 per liter, up from ₦854.32 during the same period last year.
On a month-on-month (MoM) basis, the price also saw a rise of 1.93%, climbing from ₦1,379.48 per liter in July 2024.
The NBS report highlighted significant disparities in diesel prices across various states. The top three states with the highest average diesel prices in August 2024 were:
- Kaduna State: ₦1,930.79
- Bauchi State: ₦1,927.34
- Taraba State: ₦1,638.14
In contrast, the states with the lowest average prices included:
- Lagos State: ₦1,237.14
- Ogun State: ₦1,255.00
- Osun State: ₦1,268.18
The North East Zone reported the highest average diesel price at ₦1,621.23, while the South West Zone recorded the lowest at ₦1,283.47.
Household Kerosene Prices on the Rise
The NBS report also indicated a significant increase in the average retail price for Household Kerosene (HHK), which rose 45.21% YoY to ₦1,847.59 per liter, compared to ₦1,272.40 in August 2023. On a MoM basis, HHK prices increased by 4.39%, up from ₦1,769.86 per liter in July 2024.
The highest average price for household kerosene was reported in Zamfara at ₦2,566.67, followed by Kano at ₦2,444.44 and Ogun at ₦2,388.89. Conversely, the lowest prices were found in Taraba at ₦1,181.18, Adamawa at ₦1,185.74, and Borno at ₦1,296.95.
The dramatic rise in diesel and kerosene prices poses significant challenges for consumers and businesses across Nigeria, raising concerns about inflation and the overall economic environment. As these fuel costs continue to climb, the impact on daily life and business operations cannot be underestimated. Stay informed to navigate these changes effectively!
