Nigeria's Diesel Prices Drop by 5.71% in July 2024, But Remain Significantly Higher Year-Over-Year

In July 2024, the average retail price of Diesel (Automotive Gas Oil) sold in Nigeria decreased by 5.71 percent compared to the previous month of June. This change is highlighted in the latest pricing data for July, recently released by the National Bureau of Statistics (NBS).

According to the report, the cost of diesel dropped from N1,462.98 per litre in June to N1,379.48 per litre in July. Despite this monthly decrease, diesel prices have seen a significant annual increase of 73.63 percent compared to July of the previous year, when the price was N794.48 per litre.

The data also revealed notable differences in diesel prices across various states. Taraba State recorded the highest average price at N1,721.79 per litre, followed by Borno State at N1,694.17 and Bauchi State at N1,619.54.

Conversely, Kogi State reported the lowest average diesel price in July 2024 at N1,186.31 per litre, with Kano State and Osun State following closely at N1,211.11 and N1,246.82 per litre, respectively.