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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 59.51% on a year-on-year basis from a lower cost of N840.81 per litre recorded in the corresponding month of last year (i.e., March 2023) to a higher cost of N1341.16 per litre in March 2024. On a month-on-month basis, an increase of 6.69% was recorded from N1257.06 in the preceding month of February 2024 to an average of N1341.16 in March 2024. Looking at the variations in the State prices, the top three State with the highest average price of the product in March 2024 include Edo State (N1566.67), Jigawa State (N1533.33) and Cross River (N1532.71).
Furthermore, the top three lowest prices were recorded in the following State namely, Plateau State (N1067.25), Niger State (N1140.00) and Adamawa State (N1175.00). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that South South Zone has the highest price of N1419.35 while North Central Zone has the lowest price N1230.98 when compared with other Zones.

Data source: National Bureau of Statistics