The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 181 per cent from N238.82 in May 2021 to N671.08 in May 2022, the National Bureau of Statistics (NBS) has said.
Month-on-month, the average retail price 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.
The spike in the price of diesel had been partly blamed for the rising inflation in the country, occasioned by the global supply gaps from the Russia- Ukraine war. According to the NBS, the average diesel price was higher in Ekiti at N716.15, followed by Osun and Oyo with N716.00 and N707.33 respectively.
The Automotive Gas Oil (Diesel) Price Watch (May 2022) further showed that the lowest average retail price of diesel was recorded in Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44 respectively. In addition, the zone analysis showed that 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.
