The National Bureau of Statistics (NBS) reports that diesel prices in Nigeria have skyrocketed by 64.58% year-over-year, reaching N1,406.05 per liter in August 2024, up from N854.32 per liter in August 2023 . This significant increase reflects the persistent cost pressure on consumers as fuel prices continue to climb.
Nigeria’s diesel prices have seen a significant increase of 1.93% month-over-month, from N1,379.48 per liter in July 2024 to N1,406.05 per liter in August 2024. This rise is part of a larger trend, with diesel prices skyrocketing by 64.58% year-over-year .
Looking at the regional variations, Kaduna, Bauchi, and Taraba states have the highest average prices, with Kaduna topping the list at N1,930.79 per liter. On the other hand, Lagos, Ogun, and Osun states have the lowest prices, with Lagos averaging N1,237.14 per liter.
Highest Average Prices by State:
· Kaduna State: N1,930.79
· Bauchi State: N1,927.34
· Taraba State: N1,638.14
Lowest Average Prices by State:
· Lagos State: N1,237.14
· Ogun State: N1,255.00
· Osun State: N1,268.18
Zonal Representation:
The North East Zone has the highest average price of N1,621.23, while the South West Zone has the lowest price of N1,283.47.
This comes as the average retail price per litre for Household Kerosene (HHK) increased YoY by 45.21percent to N1,847.59 per liter in August 2024 compared to N1,272.40 per liter recorded in 2023.
On MoM basis, the product increased by 4.39 percent from N1,769.86 per liter in July 2024.
On state profile analysis, the highest average price per litre in August 2024 was recorded in Zamfara with N2,566.67, followed by Kano with N2,444.44 and Ogun with N2,388.89. On the other hand, the lowest price was recorded in Taraba with N1,181.18, followed by Adamawa with N1,185.74 and Borno with N1,296.95.
In addition, analysis by zone showed that the North West recorded the highest average retail price per litre for the product with N2,118.29, followed by the South-South with N2,075.45, while the North-East recorded the lowest with N1,454.38.
