‘Consumer Price for Diesel Rises by 5.99% in One Year’

  • ‘Consumer Price for Diesel Rises by 5.99% in One Year’

The average price paid by consumers for automotive gas oil (AGO), otherwise called diesel has increased by 5.99 per cent year-on-year to N207.98 in August 2018.

The commodity also saw a rise in price by 1.79 per cent on a month-on-month basis from to N204.32 in July 2018.

States with the highest average price of diesel were Borno (N242.86), Taraba (N231.67) and Sokoto (N228.33) while those with the lowest average price were Ebonyi (N195), Adamawa (N185) and Nasarawa (N180).

The data, contained in the National Bureau of Statistic’s latest report, indicated that North-West had an average diesel price of N212.37 for August, North-East, North-Central, South-West, South-South and South-East had average price of N214.57, N203.90, N209.29, N201.30, and N206.12 respectively.

The Nigerian National Petroleum Corporation (NNPC), last year, gave details of how it was able to achieve a 42 per cent crash in diesel pump price nationwide within six months.

The price of the commodity was said to have dropped from N300 per litre in the first quarter of 2017 to between N175 and N200 in May.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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