Despite Dangote’s reduction, Nigerians paid N1,462/Litre for Diesel last month
The average price of automotive gas oil (diesel) across Nigeria continues to increase, with consumers paying an average of N1,462.98 per litre in June 2024.
According to the NBS’ Automotive Gas Oil Price Watch for June 2024, the cost of diesel marks a 4.20% increase from the N1,403.96 recorded in May of the same year.
A year-on-year comparison reveals a staggering 79.32% increase from N815.83 per litre in June 2023 to the current rate. The bureau highlighted that this uptick reflects ongoing economic pressures and global energy market dynamics impacting fuel prices.
Nigerians had hoped that the automotive gas oil cost would reduce after Dangote Petroleum Refinery announced the reduction of diesel and aviation fuel prices to N940 and N980 per litre, respectively, this April.
Anthony Chiejina, head of communication, Dangote Group said the reduction and a partnership with MRS were “to ensure that retail buyers do not buy at exorbitant prices.”
“The Dangote Group is committed to ensuring that Nigerians have a better welfare and as such, we are happy to announce this new prices and hope that it would go a long way to cushion the effect of economic challenges in the country.”
“You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates.”
More on the NBS Diesel watch
In detailing regional disparities, the NBS report identified Niger State, Cross River State, and Taraba as the states with the highest average diesel prices in June 2024, recording N1,979.23, N1,920.86, and N1,742.46 per litre respectively.
Lagos State, Ogun State, and Abuja reported the lowest average prices at N1,210.77, N1,239.17, and N1,240.00 per litre respectively.
Further analysis based on regional divisions indicated that the North-East zone experienced the highest average automotive gas oil price at N1,659.07 per litre, while the South-West zone recorded the lowest at N1,280.54 per litre.
