Price of diesel dropped to N1,403 per litre in May, says NBS

The National Bureau of Statistics (NBS) says the price of automotive gas oil (AGO), better known as diesel, dropped by 0.78 percent in May.

NBS said Nigerians paid an average price of N1,403.96 for a litre of diesel in May compared to N1,415.06 paid in April.

The bureau made this known on Wednesday in its automotive gas oil (diesel) price watch for May 2024.

“On a month-on-month basis, a decrease of 0.78% was recorded from N1415.06 in the preceding month of April 2024 to an average of N1403.96 in May 2024,” NBS said. 

According to the bureau, the average retail price of diesel paid by consumers increased by 66.29 percent on a year-on-year basis in May.

NBS said diesel price increased to N1,403.96 per litre in May — from N844.28 per litre recorded in the corresponding month of 2023.

“Looking at the variations in the State prices, the top three State with the highest average price of the product in May 2024 include Adamawa State (N1709.00), Sokoto State (N1675.00) and Bauchi (N1657.92),” the bureau said. 

“Furthermore, the top three lowest prices were recorded in the following State namely, Niger State (N1140.20), Kano State (N1153.33) and Oyo State (N1236.92).” 

NBS said the zonal representation of the average diesel price showed that the north-east has the highest price of N1,605.91, while the south-west has the lowest price at N1,303.60.