Nigeria’s Diesel Prices See Slight Monthly Drop

The average retail price of Automotive Gas Oil, commonly known as diesel, in Nigeria experienced a slight decline to N1403.96 per liter in May 2024 from N1415.06 in April, representing a 0.78 percent decrease on a month-on-month basis. This was disclosed by the National Bureau of Statistics (NBS) in its recently released May 2024 Diesel Price Watch report.

Despite the monthly drop, diesel prices have surged significantly year-on-year, increasing by 66.29 percent from N844.28 per liter in May 2023. This sharp annual increase underscores the broader inflationary pressures within the Nigerian energy sector.

State-by-state analysis reveals that Adamawa (N1709.00), Sokoto (N1675.00), and Bauchi (N1657.92) recorded the highest diesel prices in the country for May 2024. These figures highlight regional disparities in fuel costs across Nigeria.

Conversely, the top three lowest prices were recorded in Niger State at N1140.20, Kano State at N1153.33 and Oyo State at N1236.92.

Meanwhile, the Zonal representation of the average price of Automotive Gas Oil (Diesel) showed that the North-East Zone has the highest price of N1605.91 per litre while the South West Zone has the lowest price of N1303.60 per litre when compared with other Zones.

The diesel price drop in May comes after Dangote Refinery commenced the supply of Diesel and Aviation fuel to the Nigerian market in April 2024.

Recall that Dangote Refinery announced a diesel price reduction on two different occasions for oil marketers.