Price Of Diesel Rises Further By 18.5% To N343/litre

There are indications that price of The average retail price of Automotive Gas Oil (diesel) is on steady rise reaching N343 per litre as at Wednesday, representing 18.5 per cent rise when compared with the National Bureau of Statistics (NBS) average figure of N289.37 per litre as at December 31, 2021.

An NBS report also indicated that the December price was higher than the previous month, November, 2021.

However, the price of Premium Motor Spirit (petrol) stood at N162 per litre, representing 2.27 per cent when compared to the NBS figure of N165.77 per litre in December 2021.

In its Diesel Price Watch for December 2021, the NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 28.97 per cent on a Year-on-Year (YoY) basis from a lower cost of N224.37 per litre recorded in the corresponding month of last year to a higher cost of N289.37 per litre in December 2021.

“On a month-on-month (MoM) basis, an increase of 4.15 per cent was recorded from N277.83 in the preceding month of November to an average of N289.37 in December 2021.“Looking at the variations in the state prices, the top three states with the highest average price of the product in December include Enugu (N349.29), Borno (N340.00) and Oyo (N326.25).

“Furthermore, the top three lowest prices were recorded in the northern region: Kebbi, Yobe and Katsina State with N232.36, N226.61 and N225.00 respectively. “The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that South-East has the highest price of N307.35 while North West has the lowest price N263.65 when compared with other zones.”

On petrol, the NBS Petrol Price Watch for December 2021 stated: “The average price paid by consumers for premium motor spirit (petrol) increased by 0.04 per cent on YoY basis to N165.77 in December 2021 when compared to the value in December 2020 (N165.70).

“The value decreased on a MoM basis to N165.77 in December 2021 from N167.60, showing a decrease of -1.09 per cent when compared to the value recorded in November 2021. “States with the highest average price of premium motor spirit (petrol) were Ebonyi (N170.43), Kogi (N168.92) and Jigawa (N168.80).

“States with the lowest average price of premium motor spirit (petrol) were Kano (N163.57), Ogun (N163.00) and Zamfara (N167.50).

“Likewise, the highest average price was recorded in the South East zone (N167.38) while the South West had the least average price (N164.87) in December.”