Nigeria’s average price of Automotive Gas Oil known as Diesel rose by 64.58 percent to hit N1406.05 per litre in August 2024 from N854.32 percent in the same month last year.
This is the case nationwide despite Dangote Refinery’s announcement that its entrance of its AGO in April will crash the price of the product to N1000 per litre.
However, the reverse has been the situation as Nigerians still buy the product at a high price of N1406.05, this is according to the National Bureau of Statistics August Diesel Price Watch.
The report showed that on a month-on-month basis, an increase of 1.93 percent was recorded from N1,379.48 in July 2024 to an average of N1,406.05 in August 2024.
Looking at the differences in prices on a state on state basis, the highest average price of the product in August 2024 include Kaduna State (N1,930.79), Bauchi State (N1,927.34), and Taraba (N1,638.14).
Furthermore, the top three lowest prices were recorded in the following states, namely, Lagos State (N1,237.14), Ogun State (N1,255.00), and Osun (N1,268.18).
This means that in the period under review, the highest price Nigerians buy diesel stood at N1920.79 while the lowest price stood at N1,268.18 per litre.
This comes at the same time Premium Motor Spirit, Petrol is now sold for between N950 and N1,100 per litre across filling stations nationwide indicating a worrisome rise in energy costs.
