The average retail price of Automotive Gas Oil (Diesel) paid by consumers decreased by 5.71%, dropping from N1462.98 in June 2024 to N1379.48 in July 2024, according to the National Bureau of Statistics (NBS) diesel price watch for July 2024.
However, on a year-on-year basis, the average price increased by 73.63%, rising from N794.48 per liter in July 2023 to N1379.48 per liter in July 2024.
Examining the variations in state prices, the top three states with the highest average price of diesel in July 2024 were Taraba State (N1721.79), Borno State (N1694.17), and Bauchi State (N1619.54).
Conversely, the states with the lowest average prices were Kogi State (N1186.31), Kano State (N1211.11), and Osun State (N1246.82).
In terms of zonal representation, the Northeast Zone had the highest average price at N1600.85, while the Southwest Zone recorded the lowest average price at N1266.57 compared to other zones.
Despite being one of Africa’s leading crude oil producers, Nigeria remains heavily dependent on imported refined products such as petrol, diesel, and aviation fuel.
This reliance makes these commodities vulnerable to international market prices and global trade fluctuations.
Although Nigeria operates three refineries, they have been inactive for decades, unable to refine any crude oil.