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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 2.60% on a year-on-year basis from a lower cost of N774.38 per litre recorded in the corresponding month of last year to a higher cost of N794.48 per litre in July 2023. On a month-on-month basis, a decrease of -2.62% was recorded from N815.83 in the preceding month of June to an average of N794.48 in July 2023. Looking at the variations in the State prices, the top three State with the highest average price of the product in July 2023 include Niger State (N892.50), Abia State (N890.63) and Enugu State (N872.73).
Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa State (N683.20), Anambra/Bauchi State (N700.00) and Ondo State (N701.58). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central Zone has the highest price of N863.10 while South West Zone has the lowest price N759.45 when compared with other Zones.  

Data source: National Bureau of Statistics