Nigeria’s diesel price drops by 0.78 percent in May – NBS

The average retail price of Automotive Gas Oil, known as Diesel in Nigeria dropped slightly to N1403.96 per liter in May 2024 from N1415.06 in April.

The National Bureau of Statistics disclosed this in its recently released May 2024 Diesel Price Watch.

The drop in price on a month-on-month basis represents 0.78 percent.

However, on a year-on-year basis, the report said diesel prices increased by 66.29 percent compared to N844.28 per litre recorded in May 2023.

On a state-by-state analysis, Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92) recorded the highest prices of Diesel in Nigeria.

Conversely, the top three lowest prices were recorded in Niger State at N1140.20, Kano State at N1153.33 and Oyo State at N1236.92.

Meanwhile, the Zonal representation of the average price of Automotive Gas Oil (Diesel) showed that the North-East Zone has the highest price of N1605.91 per litre while the South West Zone has the lowest price of N1303.60 per litre when compared with other Zones.

The diesel price drop in May comes after Dangote Refinery commenced the supply of Diesel and Aviation fuel to the Nigerian market in April 2024.

Recall that Dangote Refinery announced a diesel price reduction on two different occasions for oil marketers.

 

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