Diesel, as Nigerians eagerly await the transformative impact of the Dangote Petroleum Refinery on the nation’s energy sector, a noticeable trend in the market has been the consistent upward trajectory in the prices of automotive gas oil (diesel) and premium motor spirit (PMS). The latest data from the National Bureau of Statistics (NBS) in its comprehensive report for December sheds light on these price dynamics.
In December 2023, the average retail price of diesel experienced a notable uptick, reaching N1,126.69. This reflects a significant 6.74% increase from the previous month’s figure of N1,055.57, as reported in November 2023. The year-on-year comparison is even more striking, with the price of diesel surging by an astonishing 37.76% from N817.86 per litre in December 2022 to the elevated cost of N1,126.69 per litre last month.
Turning attention to premium motor spirit (PMS), commonly known as petrol, the NBS report indicates a 3.53% increase in the average retail price. In November, PMS was sold at N648.93, and this climbed to N671.86 in December 2023. The year-on-year perspective is particularly noteworthy, revealing a staggering 225.85% surge compared to the average price of N206.19 in November 2022.
Geographically, the NBS report highlights variations in diesel prices across states. The top three states with the highest average prices for diesel were Sokoto (N1,300), Kebbi/Yobe (N1,250), and Jigawa State (N1,229.09). On the other end of the spectrum, Rivers state (N897.89), Bayelsa state (N935), and Bauchi state (N985) recorded the lowest prices during the specified period.
Shifting focus to PMS, Ogun state stood out with the highest average retail price at N776.54. Following closely were Taraba and Adamawa states at N760 and N745.71, respectively. In contrast, Kano, Lagos, and Borno States reported the lowest average retail prices for PMS, standing at N602.78, N612.72, and N622.71, respectively.
Diesel price
This nuanced analysis underscores the complex interplay of factors influencing fuel prices, including global market trends, refinery operations, and regional economic dynamics. As Nigerians monitor these developments, the intricate relationship between energy pricing and broader economic indicators remains a subject of keen observation and discussion.
Source: guardian.ng
