Automotive Gas Oil (Diesel) Price Watch (February 2024)

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 50.20% on a year-on-year basis from a lower cost of N836.91 per litre recorded in the corresponding month of last year (i.e., February 2023) to a higher cost of N1,257.06 per litre in February 2024. On a month-on-month basis, an increase of 9.02% was recorded from N1,153.01 in the preceding month of January 2024 to an average of N1,257.06 in February 2024. Looking at the variations in the States prices, the top three State with the highest average price of the product in February 2024 include Akwa Ibom State (N1,525.00), Gombe State (N1,500.00) and Kwara (N1,444.00).
Furthermore, the top three lowest prices were recorded in the following State namely, Adamawa State (N1,037.50), Kano State (N1,111.43) and Katsina State (N1,125.00). The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that South South Zone has the highest price of N1,343.09 while South West Zone has the lowest price N1,164.05 when compared with other Zones. 

Data source: National Bureau of Statistics