Diesel prices increases by 175.92% in one year – NBS

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The National Bureau of Statistics (NBS) has said the average price of automotive gas oil (AGO), also known as diesel paid by consumers upped by 175.92 per cent from N237.19 in April 2021 to N654.46 in April 2022, representing 175.92 per cent rise.

The NBS which disclosed this in its automotive gas oil (Diesel) Price Watch (April 2022) also stated that the price of the product rose by 21.3 per cent on month-on- month basis from N539.32 in March 2022 to N654.46 in April.

On state profile analysis, NBS said the state with the highest average price for diesel in April was Osun with N707.00, followed by Abuja and Oyo with N706.00 and N704.00.

Conversely, the bureau said the state with the lowest average retail price was Yobe with N535.00, followed by Kogi and Bauchi maintaining the same retail price of N550.00 each, and Imo with N583.41.

It added that the zone analysis shows that the average price of diesel was highest in the Southwest with N688.94, while the Northeast had the lowest price with N617.11.

For petrol, NBS said the average retail price paid by consumers increased to N172.61 in April, indicating a 3.74 per cent increase when compared to the value recorded in April 2021 (N166.38).

It also said on a month-on-month basis, the average retail price decreased by 6.85 per cent from N185.30 in March, compared to the average retail price paid by consumers in April.

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