Average prices of diesel rose by 73.63%, petrol by 28.35% in July- NBS
National Bureau of Statistics NBS
Average prices of diesel rose by 73.63%, petrol by 28.35% in July- NBS
Nike Popoola
The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 73.63% on a year-on-year basis from a lower cost of N794.48 per liter recorded in the corresponding month of last year (i.e., July 2023) to a higher cost of N1,379.48 Per liter in July 2024.
On a month-on-month basis, a decrease of 5.71% was recorded from N1,462.98 in June 2024 to an average of N1,379.48 in July 2024.
The National Bureau Statistics revealed in its report released on Sunday, titled, ‘Automotive Gas Oil (Diesel) Price Watch (July 2024)’, obtained by Dailyeconomy.
Looking at the variations in the state prices, the top three states with the highest average price of the product in July 2024 include Taraba State (N1,721.79), Borno State (N1,694.17), and Bauchi (N1,619.54).
Furthermore, the top three lowest prices were recorded in the following State namely, Kogi State (N1,186.31), Kano State (N1,211.11), and Osun (N1,246.82).
Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1,600.85 while South West Zone has the lowest price of N1,266.57 when compared with other Zones.
In another report titled, ‘Premium Motor Spirit (Petrol) Price Watch (July 2024)’, the NBS stated that, the average retail price paid by consumers for Premium Motor Spirit (Petrol) for July 2024 was N770.54, indicating a 28.35% increase compared to the value recorded in July 2023 (N600.35).
Likewise, comparing the average price value with the previous month (.i.e. June 2024), the average retail price increased by 2.72% from N750.17.
On State profile analysis, Katsina State had the highest average retail price for Premium Mo tor Spirit (Petrol), at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.
Conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N650.00, N669.75, and N673.75 respectively.
Lastly, on the Zonal profile, the North-West Zone had the highest average re tail price of N820.10, while the South-South Zone had the lowest price of N678.30.
