Nigerian consumers are grappling with a significant surge in diesel prices, with the average retail cost rising by a staggering 37.76% year-on-year, according to data from the National Bureau of Statistics (NBS).
The NBS report, titled “Automotive Gas Oil (Diesel Price Watch (December 2023))”, reveals that in December 2023, a litre of diesel at retail outlets averaged N1126.69, compared to N817.86 in the same month a year prior. This sharp increase, exceeding 37%, paints a worrisome picture for businesses and individuals reliant on diesel for transportation and power generation.
NBS said: “The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 37.76% on a year-on-year basis from a lower cost of N817.86 per litre recorded in the corresponding month of last year to a higher cost of N1126.69 per litre in December 2023.”
