TUE MAY 21 2024-theGBJournal| Automotive Gas Oil (Diesel) retail price across Nigeria hit an average N1415.06 per liter in April 2024, a 68.01% on a year-on-year rise from N842.25 per liter recorded in the corresponding month of last year (i.e., April 2023), according to the National Bureau of Statistics (NBS).
Data also showed an increase of 5.51% m/m- from N1341.16 recorded in the preceding month of March 2024 to an average of N1415.06 in April 2024
The top three State with the highest average price of the product in April 2024 were Taraba State (N1742.46), Bauchi State (N1669.63) and Borno (N1652.61), while the top three lowest prices were recorded in the following State namely, Niger State (N1023.00), Kogi State (N1152.50) and Adamawa State (N1257.50).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1553.80 while North Central Zone has the lowest price N1307.21 when compared with other Zones.
Similarly, on average, petrol prices in April hit N701.24, indicating a 176.02% increase when compared to the value recorded in April 2023 (N254.06).
Comparing the average price value with the previous month (.i.e. March 2024), the average retail price increased by 0.64% from N696.79.
On State profile analysis, Kogi State had the highest average retail price for Premium Motor Spirit (Petrol), at N797.78, Nasarawa and Zamfara States were next, with N778.89 and N754.29, respectively.
On the other side, Lagos, Niger and Ogun States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N633.75 and N647.14 respectively.
On Zonal profile, the North East Zone had the highest average retail price of N734.70, while the South West Zone had the lowest price of N655.66.
The price increases of both commodities is weighing heavily on household budgets and analysts are calling on the government and the Nigeria consumer protection agency to address confusing issues with retailing of the products, underscored by the huge discrepancy in NNPC Ltd retail outlets price and the private retail outlet prices.
Most consumers believe the private retailers are indiscriminately charging unfair margin because the consumer protection agency has refused to question the dubious their pricing template.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
