Price of diesel increased by 175.92% in one year

According to the National Bureau of Statistics (NBS), the average price of Automotive Gas Oil (AGO), also known as diesel, increased by 175.92% in one year.

Diesel soared from N237.19 percent in April 2021 to N654.46 percent in April 2022.

NBS remarked that the price rose by 21.3 percent on a monthly basis from N539.32 in March 2022 to N654.46 in April.

This was contained in its Automotive Gas Oil (Diesel) Price Watch (April 2022).

It said: “The average retail price of Automotive Gas Oil (diesel) paid by consumers increased by 175.92 percent from N237.19 in April 2021 to N654.46 recorded this April. On a month-on-month basis, the average retail price increased from N539.32 in March, indicating a rise of 21.35 percent when compared to the average retail price paid in April.”

On state profile analysis, NBS said the state with the highest average price for diesel in April was Osun with N707.00, followed by Abuja and Oyo with N706.00 and N704.00.

On the other hand, the state with the lowest average retail price was Yobe with N535.00, followed by Kogi and Bauchi maintaining the same retail price of N550.00 each, and Imo with N583.41.

It added that the zone analysis shows that the average price of diesel was highest in the Southwest with N688.94, while the Northeast had the lowest price with N617.11.



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