Automotive Gas Oil (Diesel) Price Watch (February 2023)

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 168.26% on a year-on-year basis from a lower cost of N311.98 per litre recorded in the corresponding month of last year to a higher cost of N836.91 per litre in February 2023. On a month-on-month basis, an increase of 0.98% was recorded from N828.82 in the preceding month of January to an average of N836.91 in February 2023.
Looking at the variations in the State prices, the top three States with the highest average price of the product in February 2023 include Bauchi (N904.33), Abuja (N885.00) and Adamawa (N873.33). Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa (N767.14), Katsina (N778.75) and Edo (N789.43). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central has the highest price of N850.65 while South-South zone has the lowest price N814.63 when compared with other zones. 

Data source: National Bureau of Statistics