NBS Data Shows Diesel Price Rises by 43.41% in One Year
- The National Bureau of Statistics has again revealed that the average price of diesel has increased in October
- The bureau noted that the price change was recorded in a month-on-month and year-on-year analysis
- The top three states with the highest average price of the product in October include Bauchi, Benue and Plateau states
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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.
The National Bureau of Statistics (NBS) has disclosed that the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased to N1441.28 per litre in October 2024.
The new diesel price indicated a 43.41% increase year-on-year from a lower cost of N1004.98 per litre recorded in October 2023.
Source: Getty Images
The bureau also noted that on a month-on-month basis, an increase of 1.58% was recorded from N1418.83 in September 2024.
NBS stated this in its latest Automotive gas oil (diesel) price watch report, published on its website and obtained by Legit.ng.
States by state analysis
Furthermore, the NBS provided a breakdown of state-by-state analysis, showing the top three states with the highest average product price in October 2024, Punch reports.
According to the statistics agency, the top three states with the highest average price of the product in October 2024 include Bauchi (N2031.00), Benue (N1792.00), and Plateau (N1743.65).
Furthermore, the top three lowest prices were recorded in the following states: Ogun (N1200.71), Kaduna (N1244.50), and Ekiti (N1278.65).
The zonal representation of the average diesel price shows that the Northeast zone has the highest price of N1650.62 while the Southwest zone has the lowest price of N1326.50 compared to other zones.
Kunle Adams, a pure water factory owner in the Igando area of Lagos State, noted that the rising cost of diesel poses a significant challenge to his business.
He said:
"I mostly run my business on diesel, and the cost of production has risen beyond what we can bear. In order to sustain my business, we have decided to increase the price of water to N350 per bag, but it is still not enough."
Dealers increase the cost of refilling cooking gas again
Legit.ng earlier reported that NBS had revealed that the average retail price for refilling a 5kg cylinder of liquefied petroleum gas (cooking gas) increased to N6,699.63 in September 2024.
This represented a 4.19% month-on-month increase from N6,430.02 recorded in August 2024 and a 59.90% year-on-year increase from N4,189.96 in September 2023.
NBS stated this in its latest PMS price watch report, published on its website and analysed by Legit.ng.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
Source: Legit.ng
