Diesel Price Rises By 18.5% To N343/litre

There are indications that the average retail price of Automotive Gas Oil (diesel) is steadily rising, reaching N343 per litre as of Wednesday.

Representing an 18.5% increase over the National Bureau of Statistics (NBS) average figure of N289.37 per litre as of December 31, 2021.

According to an NBS report, the December price was also higher than the previous month, November 2021.

However, the price of Premium Motor Spirit (petrol) in December 2021 was N162 per litre, representing a 2.27 percent increase over the NBS figure of N165.77 per litre.

“The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 28.97% 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,” the NBS said in its Diesel Price Watch for 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 month-to-month basis to N165.77 in December 2021 from N167.60, representing a -1.09 percent decrease from the value recorded in November 2021.”

Ebonyi (N170.43), Kogi (N168.92), and Jigawa had the highest average price of premium motor spirit (petrol) (N168.80).

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

“In December, the South East zone had the highest average price (N167.38), while the South West had the lowest average price (N164.87).”