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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 30.50% on a year-on-year basis from a lower cost of N808.87 per liter recorded in the corresponding month of last year to a higher cost of N1055.57 per liter in November 2023. On a month-on-month basis, an increase of 5.03% was recorded from N1004.98 in the preceding month of October 2023 to an average of N1055.57 in November 2023. Looking at the variations in the State prices, the top three State with the highest average price of the product in November 2023 include Benue State (N1280.00), Kaduna State (N1183.45) and Sokoto State (N1183.33).
Furthermore, the top three lowest prices were recorded in the following State namely, Rivers State (N875.00), Abia State (N900.77) and Bayelsa State (N920.00). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central Zone has the highest price of N1123.75 while South East Zone has the lowest price N959.69 when compared with other Zones. 

Data source: National Bureau of Statistics