In September, there was a 4.27% increase in the price of Automotive Gas POil (Diesel) with prices going from N854.32 in August to an average of N890.80.
When compared with the corresponding month of last year, diesel prices saw a year-on-year increase of 12.77%, rising from a lower cost of N789.90 per litre in the corresponding month of the previous year to a higher cost of N890.80 per litre in September 2023.
Price variation across states
Examining the price variations across states, the top three states with the highest average price of the product in September 2023 were Kano State (N967.78), Anambra State (N950.95), and Niger State (N950.55).
On the other hand, the three states with the lowest prices were Bayelsa State (N840.16), Katsina State (N840.55), and Rivers State (N840.82).
A regional breakdown of the average price of Automotive Gas Oil (Diesel) reveals that the South-East Zone had the highest price at N918.06, while the South-South Zone had the lowest price at N863.97 when compared to other regions.
Earlier in October, as part of the Federal government’s concessions to organized labour groups to avert a total shutdown of the economy, President Bola Tinubu approved the suspension of 7.5% Value Added Tax (VAT) on diesel imports into the country for six months.
Although, stakeholders in the Nigerian diesel value chain have called the VAT waiver a temporary relief especially those in the manufacturing sector.
The stakeholders said the waiver would only result in an N70 drop in diesel prices across the country.
It was reported that diesel prices across the country were around N1,100/litre according to a publication by the Major Oil Marketers Association of Nigeria (MOMAN).
