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

Executive Summary

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 66.29% on a year-on-year basis from a lower cost of N844.28 per liter recorded in the corresponding month of last year (i.e., May 2023) to a higher cost of N1403.96 per liter in May 2024. On a month-on-month basis, a decrease of 0.78% was recorded from N1415.06 in the preceding month of April 2024 to an average of N1403.96 in April 2024. Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92). Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North-East Zone has the highest price of N1605.91 while South West Zone has the lowest price N1303.60 when compared with other Zones.

Data source: National Bureau of Statistics