Diesel prices between April 2022 and April 2023 increased by 55.9%. This is according to the National Bureau of Statistics (NBS).
The average retail price of diesel also called Automotive Gas Oil (AGO) paid by consumers rose from a lower cost of N539.32 per litre recorded in the corresponding month of last year to a higher cost of N836.81 per litre in March.
Nigeria’s rising energy costs have resulted in the country’s jumping inflation and contribute significantly to costs borne by manufacturers in the country. For instance, last month, the NBS said Nigeria’s headline inflation rate increased to 22.04% on a year-on-year basis.
It was 6.13% higher than the rate recorded in March 2022 at 15.92%, with energy costs on electricity, gas, and other fuels contributing significantly.
On a month-on-month basis, the latest NBS data showed that an increase of 0.47% was recorded from N836.91 in the preceding month of February to an average of N840.81 in March 2023.
Looking at the variations in the state prices, it stated that the top three State with the highest average price of the product in March 2023 included Bauchi (N910.46), Abuja (N889.44), and Adamawa (N880.33).
Furthermore, the top three lowest prices, it noted, were recorded in Bayelsa (N768.04), Katsina (N779.78), and Edo (N797.14).
According to the NBS, the zonal representation of average price of diesel shows that the North-east zone has the highest price of N856.42 while the South-south zone has the lowest price of N816.92 when compared with other zones.
Manufacturing accounts for about 13% of output in Nigeria. Before the astronomical rise in diesel prices, Nigeria was among the lowest in sub-Saharan Africa, according to data available. At now over N800 naira, it would be among the highest on the continent.
