Filling Stations Slash Diesel Pump Prices, Cheapest States In 10 States
- The National Bureau of Statistics has revealed that the average price of diesel reduced in July 2024
- The new data shows that new average fuel prices for a litre sold at filling stations dropped 5.71%
- North East Zone has the highest price of N1600.85 while South West zone has the lowest price of N1266.57 when compared with other zones
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
According to the National Bureau of Statistics (NBS), the average retail price of automotive gas oil (diesel) paid by consumers in July 2024 was N1379.48 per litre.
The new diesel price indicates a 5.71% decrease compared to the average diesel pump price of N1462.98 per litre recorded in June 2024.
Source: Getty Images
NBS stated this in its latest Automotive gas oil (Diesel) price watch report, published on its website and obtained by Legit.ng.
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The report also noted that in July 2024, compared to the N794.48 per litre paid in July 2023, Nigerians experienced a 73.63% increase year-on-year in average prices.
Diesel is cheapest in the western states
Furthermore, the NBS provided a breakdown of state-by-state analysis, showing that the top three States with the highest average price of the product in July 2024 include Taraba State (N1721.79), Borno State (N1694.17), and Bauchi (N1619.54).
Furthermore, the top three lowest prices were recorded in the following States: Kogi State (N1186.31), Kano State (N1211.11), and Osun (N1246.82).
The zonal representation of the average diesel price shows that the North East Zone has the highest price at N1,600.85, while the South West Zone has the lowest price at N1,266.57 compared to other zones.
Here are the ten cheapest states to buy diesel
Kogi: N1,186.31
Located in central Nigeria, Kogi was the cheapest state to buy diesel in July 2024, with an average price of N1,186.31 per litre. This is lower than the N1,296.40 reported in June 2024.
However, compared to the N856 per litre in July 2023, Nigerians paid 38.59% more.
Kano: N1,211.11
As a major commercial hub in northern Nigeria, Kano benefits from a high volume of fuel transactions and competition among suppliers, which helps keep prices relatively low.
The average price N1,211.11 reported in July is 2.59% lower to N1,243.33 in June 2024.
Osun: N1,246.82
Situated in southwestern Nigeria, Osun's moderate diesel prices can be attributed to its proximity to Lagos, which is a major entry point for fuel imports, facilitating lower transport costs.
Ogun: N1,251.11
Sharing borders with Lagos, Ogun benefits from efficient supply chains and reduced logistics costs, making diesel slightly cheaper compared to other states.
The average price of N1,251.11 is 0.96% lower when compared to the average price of N1,239.17 per litre in June 2024.
Abuja: N1,254.40
Nigeria's capital, Abuja, was one of the cheapest places to buy diesel in July 2024, with an average price of N1,254.40 per litre at filling stations, despite a slight increase of 1.16% compared to the N1,240 per litre paid in June 2024.
Lagos: N1,261.56
Although Lagos has a higher demand for diesel than most states, diesel prices are relatively cheaper as an entry point for imported fuel.
In July 2024, the average price was N1,261.56 per litre, which remains one of the lowest in the country. In June 2024, a litre of diesel in Lagos cost N1,210.77.
Other states with the cheapest prices are
- Edo: N1,266.67
- Kwara: N1,268.00
- Oyo: N1,273.33
- Ekiti: N1,277.50
Dangote refinery crashes diesel price
Earlier, Legit.ng reported that the pump price of petrol at the Dangote and PH refineries is about to crash to N500 per litre.
There is optimism that when the refinery finally starts releasing products, it will help reduce fuel prices by N150.
The Dangote Refinery has already begun reducing the diesel price from N1,700 to N1,000 per litre.
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Source: Legit.ng
