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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 55.90% on a year-on-year basis from a lower cost of N539.32 per litre recorded in the corresponding month of last year to a higher cost of N836.81 per litre in March 2023. On a month-on-month basis, an increase of 0.47% was recorded from N836.91 in the preceding month of February to an average of N840.81 in March 2023. Looking at the variations in the State prices, the top three State with the highest average price of the product in March 2023 include Bauchi (N910.46), Abuja (N889.44) and Adamawa (N880.33).
Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa (N768.04), Katsina (N779.78) and Edo (N797.14). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N856.42 while South South Zone has the lowest price N816.92 when compared with other Zones. 

Data source: National Bureau of Statistics