• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

Diesel price rises by 66.29% YTD to N1,403 – NBS

Cyrus Ademola by Cyrus Ademola
June 20, 2024
in Energy, Sectors
Stakeholders say Nigeria’s Diesel VAT Waiver is short-term relief   
Share on FacebookShare on TwitterShare on Linkedin

The price of Automotive Gas Oil, popularly referred to as diesel, has soared by 66.29% year to date (YTD) to over N1,403 as of May 2024.

This is according to data from the National Bureau of Statistics (NBS).

The Diesel Price Watch report indicated that diesel, which was selling for N844.28 in May 2023, rose to N1,403.96 in May 2024.

RelatedStories

Petrol import in Nigeria drops by 3.58 billion litres after ‘subsidy removal’ 

Nigeria’s petrol import bill crashes by 54% in Q1 2025 as Dangote boosts local supply 

June 12, 2025
Tinubu commissions 37km Lekki Deep Seaport Access Road section built by Dangote 

Tinubu lauds Dangote refinery, says it’s “a great phenomenon of our time” in Nigeria 

June 6, 2025

However, on a month-to-month basis, the price saw a slight decline from N1,415.06 in the preceding month (April 2024) to an average of N1,403.96 in May 2024, showing a 0.78% decline in one month.

Breakdown of the Report by States

At the national level, there are a couple of variations in prices along geopolitical zones with the Northeast retaining its position as the zone with the most expensive price of diesel.

The average price of the commodity in the Northeast stands at N1,605.91 in May 2024 as opposed to the N908.02 as of May 2023.

Meanwhile, consumers pay the lowest for diesel in the Southwest, with an average price of N1,303.60 in May 2024. This is a 56.23% increase from May 2023 when diesel stood at N834.56.

  • At the state level, the top three states with the highest average price of the product in May 2024 are Adamawa State at N1709, Sokoto State at N1675 and Bauchi at N1657.92.
  • These states stand out for having the highest average prices compared to others in the same period.
  • On the other hand, the top three lowest prices were recorded in the following states: Niger State at N1140.20, Kano State at N1153.33, and Oyo State at N1236.92.
  • These states represent the regions where the product was priced lowest compared to others in May 2024.
  • Niger State registered the lowest average price at N1140.20, followed closely by Kano State at N1153.33 and Oyo State at N1236.92.

What you should know

Despite Nigeria being a top producer of crude oil in Africa, the country heavily relies on imported refined products such as petrol, diesel, and aviation fuel for its consumption.

This dependency exposes these commodities to international market pricing and external factors affecting global trade.

Meanwhile, Nigeria operates at least three refineries that have remained inactive for decades, unable to refine a single drop of crude oil.

The inception of the Dangote refinery, described as an industry “game changer,” is expected to have a positive impact on petroleum commodity prices, including PMS and diesel.

In April, the refinery commenced supplying its first batch of diesel to local marketers, selling for as low as N940 per liter.

However, due to the further devaluation of the Naira, the international price of diesel soared to as high as N1,200 per liter.

As the market price stabilizes and Dangote refinery reaches full capacity, many anticipate that Nigeria will benefit from cheaper diesel and fuel.


Follow us for Breaking News and Market Intelligence.
Tags: Dangote RefineryDiesel PriceDiesel Price Watch reportNBS
Cyrus Ademola

Cyrus Ademola

  • Cyrus Ademola is an energy and economy analyst with over half a decade experience in journalism, research-based oped, economic reportage and energy analysis. His works have been featured on different media outlets, covering from oil and gas to business trends.

Related Posts

Petrol import in Nigeria drops by 3.58 billion litres after ‘subsidy removal’ 
Energy

Nigeria’s petrol import bill crashes by 54% in Q1 2025 as Dangote boosts local supply 

June 12, 2025
Tinubu commissions 37km Lekki Deep Seaport Access Road section built by Dangote 
Business News

Tinubu lauds Dangote refinery, says it’s “a great phenomenon of our time” in Nigeria 

June 6, 2025
Dangote refinery reduces PMS price again by N15; now N875/litre  
Companies

Dangote refinery reduces PMS price again by N15; now N875/litre  

May 22, 2025
NNPC no longer owns 20% of Dangote Refinery, says Aliko Dangote
Companies

Dangote partners international firm to export Polypropylene beyond Africa

May 21, 2025
Petrol price, NNPCL, PMS
Breaking News

PMS prices surge by 76.73% year-on-year in April 2025, South East residents paid N1,341.71 – NBS 

May 21, 2025
When you travel to your village, why do you buy yams, palm oil and bananas and return them to your city?
Breaking News

Food inflation hits 51.8% in Benue as insecurity disrupts farming activities 

May 15, 2025
Next Post
VFD GROUP LOGO

VFD Group adjust share price following bonus share issuance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Wedex 2025—One day, one house, one goal
  • Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 
  • Anambra Govt acquires land in Aguata, Orumba for new industrial city 

Follow us on social media:

Recent News

Wedex 2025—One day, one house, one goal

Wedex 2025—One day, one house, one goal

June 12, 2025
Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

Onga ignites African culture and storytelling at AMVCA 2025 Culture Day with festival of flavours 

June 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics