The recent National Bureau of Statistics (NBS) report indicates a significant increase in diesel prices across Nigeria. In August 2024, the average price per liter of Automotive Gas Oil (AGO), commonly known as diesel, rose by 64.58% year-on-year to ₦1,406.05, compared to ₦854.32 in August 2023. On a month-on-month basis, diesel prices also saw a 1.93% increase from July 2024, when the average price was ₦1,379.48 per liter.
State-level variations were notable, with Kaduna, Bauchi, and Taraba recording the highest diesel prices, while Lagos, Ogun, and Osun had the lowest. The North-East zone saw the highest average price of ₦1,621.23, while the South-West recorded the lowest at ₦1,283.47.
In addition, household kerosene prices also surged by 45.21% year-on-year, reaching ₦1,847.59 per liter in August 2024 from ₦1,272.40 in 2023. Prices were highest in Zamfara, Kano, and Ogun, while Taraba, Adamawa, and Borno had the lowest prices.