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Diesel price rises by 30.50% in one year

The National Bureau of Statistics (NBS) has said the average price of the Automotive Gas Oil (AGO) or diesel rose by 30.50per cent in 12 months.

This was contained in its document tagged: "Automotive Gas Oil (Diesel) Price Watch (November 2023)."

NBS said: "The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 30.50per cent on a year-on-year basis from a lower cost of N808.87 per liter recorded in the corresponding month of last year to a higher cost of N1055.57 per liter in November 2023."

The document noted that on a month-on-month basis, an increase of 5.03per cent was recorded from N1004.98 in the preceding month of October 2023 to an average of N1055.57 in November 2023.

According to NBS, looking at the variations in the State prices, the top three State with the highest average price of the product in November 2023 include Benue State (N1280.00), Kaduna State (N1183.45) and Sokoto State (N1183.33).

NBS also revealed that the top three lowest prices were recorded in the following State namely, Rivers State (N875.00), Abia State (N900.77) and Bayelsa State (N920.00). The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North Central Zone has the highest price of N1123.75 while South East Zone has the lowest price N959.69 when compared with other Zones.

In a similar document titled: "Premium Motor Spirit (Petrol) Price Watch (November 2023), the NBS said the average retail price paid by consumers for Premium Motor Spirit (Petrol) for the month of November 2023 was N648.93, indicating a 220.49per cent increase when compared to the value recorded in November 2022 (N202.48).

The data noted that likewise, comparing the average price value with the previous month (.i.e. October 2023), the average retail price increased by 2.90per cent from N630.63. On State profile analysis, Kebbi State had the highest average retail price for Premium Motor Spirit (Petrol), at N691.00, Jigawa and Akwa Ibom States were next, with N677.67 and N675.00, respectively.

On the other side, according to the Bureau, Taraba, Kaduna and Lagos States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N618.00, N620.29 and N623.12 respectively. Lastly, on Zonal profile, the South-South Zone had the highest average retail price of N663.59, while the North East Zone had the lowest price of N632.75.