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HomeBusinessDiesel prices surge by 59.51% year-on-year in March 2024 ~NBS

Diesel prices surge by 59.51% year-on-year in March 2024 ~NBS

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By Temi Olowu

The latest data reveals a significant spike in the average retail price of Automotive Gas Oil (Diesel), surging by 59.51% year-on-year from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024.

According to data released by the National Bureau of Statistics (NBS), this notable increase also reflects a month-on-month uptick of 6.69% from N1257.06 in February 2024 to N1341.16 in March 2024.

Examining state-level variations, Edo State leads with the highest average price of N1566.67 per litre, followed closely by Jigawa State (N1533.33) and Cross River (N1532.71).

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Conversely, Plateau State records the lowest average price at N1067.25 per litre, trailed by Niger State (N1140.00) and Adamawa State (N1175.00).

Zonal analysis unveils the South South Zone as the region with the highest average price of Automotive Gas Oil (Diesel) at N1419.35 per litre, while the North Central Zone posts the lowest price at N1230.98 per litre compared to other zones.

These price fluctuations underscore the dynamic nature of diesel pricing across different regions and zones in Nigeria.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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