How Diesel Hiked By 181% Over A Year Period -NBS

By Tolulope Oke

The National Bureau of Statistics (NBS) has revealed that the Automotive Gas Oil (diesel) price increased from N238.82 in May 2021 to N671.08 in May 2022, indicating a 181.00% rise.

.Reports obtained from the NBS showed that the average retail price climbed month over month from N654.46 in April 2022, which represents an increase of 2.54 percent over the average retail price paid in May 2022.

According to the data analysis for state prices, Ekiti was the highest, with an average of N716.15 per liter in May.  Next was Osun with an average price of N716.00, then Oyo at N707.33.

The increase in diesel prices has been partially attributed to the nation’s rising inflation rate, coupled with the fact that  Nigeria imports refined goods since it lacks domestic refineries, and doing so results in higher costs as a result of things like the Russia-Ukraine war.

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Unlike petrol, imports of diesel are not subsidized in Nigeria. As a result, the pump price may yet increase as the European war continues to impact world markets.

Meanwhile, Yobe had the lowest average retail price out of all the states, at N560.00. Bauchi and Delta were next, with N570.00 and N624.44 respectively.

Additionally, the zone study reveals that the North-East had the lowest average price for Diesel at N639.00 while the South-West had the highest average price at N705.60.