Nigeria: Diesel price rise by 6.74% amid Dangote refinery takeoff

Source: The Guardian

As Nigerians wait eagerly for the impact Dangote Petroleum Refinery will have on the energy sector, the prices of automotive gas oil also known as diesel and premium motor spirit (PMS) have continued to rise.

The National Bureau of Statistics (NBS) in its report on the prices of the two products for December, said the average retail price of diesel paid by consumers increased to N1,126.69 in December, a 6.74 percent increase from N1,055.57 paid in November 2023.

The report shows that the product’s price increased by 37.76 percent year-on-year from a lower cost of N817.86 per liter recorded in the corresponding month of 2022 to a higher cost of N1126.69 per liter last month.

The average retail price for petrol increased by 3.53 percent, from N648.93 sold in November to a new price of N671.86 in December 2023.

On a year-on-year basis, the increase was 225.85 percent as it traded at an average of N206.19 in November of 2022.

The report said the top three states with the highest average price of diesel were Sokoto (N1,300), Kebbi/Yobe (N1,250) and Jigawa State (N1,229.09).

Rivers State (N897.89), Bayelsa State (N935), and Bauchi State (N985) recorded the lowest prices during the period.

On the other hand, Ogun state had the highest average retail price for PMS at N776.54 while Taraba and Adamawa states were next, at N760 and N745.71, respectively.

Kano, Lagos, and Borno States had the lowest average retail prices of PMS, at N602.78, N612.72, and N622.71 respectively.

THE AUTHOR: Joseph Chibueze, Abuja

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