According to a report by the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), Nigeria’s average daily consumption of diesel or Automotive Gas Oil (AGO) stands at 14 million litres.
Adebayo Adelabu, the Minister of Power, recently stated that Nigerians spent ₦16.5 trillion buying diesel, petrol, and generators in 2023.
Regardless, some states buy AGO at a cheaper rate while others generate larger amounts to purchase the product.
Culled from the Automotive Gas Oil (Diesel) Price Watch for July 2024, published by the Nigerian Bureau of Statistics (NBS), these are the top five states that spend the most on diesel.
Meanwhile, three states that sell at a cheaper rate include Kogi (₦1181.31), Kano (₦1211.11) and Osun (₦1246.82).
The report stated a 73.63% increase in the average retail price of AGO on a year-on-year basis from ₦794.48 per litre recorded in July 2023 to ₦1379.48 per litre in July 2024.
However, on a month-to-month basis, there was a slight 5.71% price reduction from ₦1462.98 in June 2024 to an average of ₦1379.48 in July 2024.
Regionally, the South West Zone boasts the most affordable diesel prices at ₦1266.57 per litre. In stark contrast, the North East Zone records the highest average price at ₦1600.85, followed by the North West at ₦1377.98 and the South East at ₦1371.51. These disparities highlight the need for a more equitable pricing system.
