Average Price Of Diesel Now ₦716.00 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 ₦716.

The current price was said to have increased by 181.00 per cent from ₦238.82 in May 2021 to ₦671.08 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 ₦654.46 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 ₦716.15, followed by Osun and Oyo with ₦716.00 and ₦707.33, respectively.

On the other hand the analysis said the state with the lowest average retail price was Yobe with ₦560.00, followed by Bauchi and Delta with ₦570.00 and ₦624.44, respectively.

Based on zone, the average price of Diesel was highest in the South-West with ₦705.60, while the North-East had the lowest price with ₦639.00.

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 ₦173.08 in the month of May

Naija News 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 ₦168.06.

“Likewise, on a month-on-month basis, the average retail price of the product increased by 0.27 per cent from ₦172.61 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 ₦193.20, followed by Imo and Cross River with ₦188.24 and ₦187.65, respectively.

“On the other hand, the lowest average retail price for petrol was recorded in Ogun with ₦165.00, followed by Yobe and Benue with ₦165.36 and ₦165.50, respectively.

“The report showed that the highest average retail price was recorded in the South-East zone with ₦186.24, while the North-Central had the least with ₦168.20,” the NBS reports noted.