Average Price Of Diesel Now N716.00 As Petrol Price Surges – NBS

Nigerians according to the National Bureau of Statistics (NBS) now purchase Automotive Gas Oil (Diesel) at an average price tag of N716.

The current price was said to have increased by 181.00 per cent from N238.82 in May 2021 to N671.08 recorded in early May 2022. Diesel as of the current survey is sold at a more higher price in states like Ekiti, Osun and Oyo state.

On a month-on-month basis the average retail price reportedly increased from N654.46 in April 2022, indicating a rise of 2.54 per cent when compared to the average retail price paid in May 2022.

The analysis shows that the state with the highest average price for Diesel in May 2022 was Ekiti with N716.15, followed by Osun and Oyo with N716.00 and N707.33, respectively.

On the other hand the analysis said the state with the lowest average retail price was Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44, respectively.

Based on zone, the average price of Diesel was highest in the South-West with N705.60, while the North-East had the lowest price with N639.00.

This is as the price of Premium Motor Spirit popularly known as Petrol surges again in recent weeks. NBS said in its report that petrol increased to N173.08 in the month of May

Ezenwoko’s Blog understands from the NBS Price Watch for May 2022 released in Abuja on Saturday that the current surge indicate an increase of 2.99 per cent when compared to the value recorded in May 2021 at N168.06.

“Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27 per cent from N172.61 in April 2022, compared to the average retail price paid by consumers in May 2022,” the report added.

Meanwhile, on state profile analysis, the report said the highest average retail price for Petrol was recorded in Abia with N193.20, followed by Imo and Cross River with N188.24 and N187.65, respectively.

“On the other hand, the lowest average retail price for petrol was recorded in Ogun with N165.00, followed by Yobe and Benue with N165.36 and N165.50, respectively.

“The report showed that the highest average retail price was recorded in the South-East zone with N186.24, while the North-Central had the least with N168.20,” the NBS reports noted.