The price of Automotive Gas Oil, commonly known as diesel, has surged dramatically in the past year, reaching an average of N1,400 nationwide.
The average retail price of Automotive Gas Oil (Diesel) paid by consumers rose by 59.51% year-over-year, increasing from N840.81 per liter in March 2023 to N1341.16 per liter in March 2024.
In September, there was a 4.27% increase in the price of Diesel with prices going from N854.32 in August to an average of N890.80.
Diesel prices in Nigeria are unlikely to reduce after Russia announced an export ban lift on Friday, October 6.
Diesel prices are still on the rise. As of last month, diesel prices rose 28.69% between 2022 and 2023.
Diesel prices rose to N840 per litre in March 2023, according to data from the Diesel Price Watch Report from the National Bureau of Statistics (NBS).
The National Bureau of Statistics (NBS) said that people in Edo, Bayelsa, and Katsina paid the lowest diesel prices in February 2023 amidst rising diesel prices.
Diesel price hike created the opportunity for Nigeria's renewable energy players to meet demands in the commercial and industrial (C&I) sectors
Higher diesel prices have been a headache for Nigerian manufacturers and businesses
Nigeria spent a total of N4.56 trillion on the importation of moto spirit (fuel) in 2021 about 128% higher than the N2 trillion spent on fuel importation in 2020.
