In July 2024, the average retail price of Automotive Gas Oil (Diesel) in Nigeria dropped by 5.71%, from N1462.98 in June 2024 to N1379.48, according to the National Bureau of Statistics.
Despite this monthly decline, the price saw a significant year-on-year increase of 73.63%, rising from N794.48 per liter in July 2023.
Among states, Taraba, Borno, and Bauchi recorded the highest diesel prices, while Kogi, Kano, and Osun had the lowest.
The Northeast Zone had the highest average price at N1600.85, whereas the Southwest Zone recorded the lowest at N1266.57.
Despite being a major crude oil producer, Nigeria relies on imported refined products like diesel, making prices susceptible to global market fluctuations.
Although the Dangote refinery, which started operations in April 2024, is expected to help stabilize prices, there have been concerns about its capacity and product quality.
The government has taken steps, such as temporarily excluding VAT from diesel imports, to manage diesel prices.
CR: NairaMetrics
