No More N794/litre: Price of Diesel Increases by 73% as Dangote Confirms Date to Begin Petrol Supply

• In July 2024, consumers spent an average of N1,379.48 per liter at retail for vehicle gas oil (diesel)
• There was a monthly decrease of 5.71%, from N1462.98 in June 2024 to an average of N1379.48 in July 2024
• The changes is coming a few months after Dangote slashed diesel prices below N1,000 per litre

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Customers paid an average retail price of N1,379.48 per litre for automotive gas oil (diesel) in July 2024, up from a lower cost of N794.48 per litre in the same month the previous year (i.e., July 2023) by 73.63% year over year.

From N1462.98 in June 2024 to an average of N1379.48 in July 2024, there was a monthly decline of 5.71%, according to NBS data.

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According to the differences in state pricing, Taraba state (N1721.79), Borno state (N1694.17), and Bauchi (N1619.54) are the top three States with the highest average product prices in July 2024. Moreover, the next three states had the lowest prices: Osun state (N1246.72), Kano state (N1,211.11), and Kogi state (N1,186.31).

In comparison to other Zones, the North East zone has the highest average price of N1,600.85 for automotive gas oil (diesel), while the South West zone has the lowest price of N1266.57.

Recall that Dangote Petroleum Refinery had announced a further reduction in the price of diesel to N940 and N980 per litre.

Dangote stated that the price change applies only to customers purchasing 5 million litres or more from the refinery, while N970 applies to customers buying 1 million litres or more.

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However, diesel prices have gradually surpassed the N1,000/litre mark again as the country battles foreign exchange shortages and inflation.

FG gives important update on crude delivery

In a recent development, the Legit.ng reported that crude oil deliveries to Dangote Refinery and other local refineries were scheduled to start on October 1, 2024, according to information released by the federal government.

During a Monday meeting in Abuja with the Implementation Committee, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made the announcement.

A message on the finance ministry's official X (formerly Twitter) page stated that the purpose of the gathering was to assess the status of important projects.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng