Diesel prices nationwide rose 64.58% despite Dangote refinery – NBS

The average price of autogas oil, also known as diesel, in Nigeria rose by 64.58 percent to N1,406.05 per litre in August 2024, compared to N854.32 percent in the same month last year.

This is the case nationwide despite the announcement by Dangote Refinery that the introduction of AGO in April would bring the price of the product down to N1,000 per litre.

However, the reverse is true as Nigerians are still buying the product at the high price of N1,406.05, according to the National Bureau of Statistics’ August Diesel Price Watch.

The report showed that a month-on-month increase of 1.93 percent was recorded from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024.

Looking at the price differences by state, we see that the highest average price of the product in August 2024 was in Kaduna (N1,930.79), Bauchi (N1,927.34) and Taraba (N1,638.14) states.

Moreover, the three lowest prices were recorded in the following states namely Lagos State (N1,237.14), Ogun State (N1,255.00) and Osun (N1,268.18).

This means that during the period under review, the highest price of diesel for Nigerians was N1,920.79 while the lowest price was N1,268.18 per litre.

At the same time, Premium Motor Spirit petrol is now selling at prices ranging between N950 and N1,100 per litre at filling stations across the country, indicating a worrying increase in energy costs.