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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023. On a month-on-month basis, an increase of 6.74% was recorded from N1055.57 in the preceding month of November 2023 to an average of N1126.69 in December 2023.
Looking at the variations in the State prices, the top three States with the highest average price of the product in December 2023 include Sokoto State (N1300.00), Kebbi/Yobe State (N1250.00) and Jigawa State (N1229.09). Furthermore, the top three lowest prices were recorded in the following State namely, Rivers State (N897.89), Bayelsa State (N935.00) and Bauchi State (N985.00).
The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that the North West Zone has the highest price of N1227.31 while the South South Zone has the lowest price of N1039.90 when compared with other Zones.

Data source: National Bureau of Statistics