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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 25.45% on a year-on-year basis from a lower cost of N801.09 per liter recorded in the corresponding month of last year (October, 2022) to a higher cost of N1004.98 per liter in October 2023. On a month-on-month basis, an increase of 12.82% was recorded from N890.80 in the preceding month of September to an average of N1004.98 in October 2023.
Looking at the variations in the State prices, the top three State with the highest average price of the product in October 2023 were all in North Central zone of the country, these include Plateau State (N1150.00), Nassarawa State (N1138.00) and Benue State (N1091.67). Furthermore, the least three states with lowest prices were Rivers State (N824.44), Borno State (N827.27) and Kebbi State (N845.00).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central Zone recorded the highest price of N1090.69 while North East Zone has the lowest price N947.32, while considering the zonal analysis.

Data source: National Bureau of Statistics