Automotive Gasoline Oil (AGO) which is popularly known as diesel, an essential input for transporters and manufacturers, recorded the highest price increase in Kano, Yobe, Bauchi, Sokoto and Benue states in January 2023 when compared to January 2022, the latest data on AGO prices by the National Bureau of Statistics (NBS) have shown.
According to the Manufacturers Association of Nigeria (MAN), power generation accounts for about 40 percent of factories’ costs, and as an essential input in a country where power supply is not stable, an increase in diesel cost will have a direct bearing on production costs.
Across the nation, and on a year on year basis, the price of a litre of diesel increased by 187.7 percent in January 2023 to N828.82 from N288.09 per litre in January 2022.
“The average retail price of Automotive Gas Oil (Diesel) paid by consumers in January 2023 was N828.82 per litre, an increase of 187.69% from N288.09 per litre recorded in January 2022,” NBS said.
However, across the nation, the most increase in AGO prices was recorded in the above-mentioned five states in January 2023.
In Kano State, a litre of AGO was sold for N862.50 in January 2023, representing an increase of 284.6 percent, when compared to N224.29 a litre in January 2022. At a price of N811 a litre in Yobe State in January 2023 compared with N216.67 per litre in January 2022, the 274.3 percent rise in diesel price was the second highest in the nation in the first month of 2023.
Further, diesel price rose by 263.6 percent in Bauchi from N247.50 a litre in January 2022 to N900 a litre in January 2023. The increase in Sokoto State was 258.8 percent from N225.73 percent in January 2022 to N810 in January 2023. And with an increase of 256.7 percent in Benue State, a litre of diesel was sold for N885.71 a litre in January 2023 as against N248.33 in January 2022.
In twenty-four states, the year on year increase in the price of diesel was below the national average of 187.7 percent.
The least increase was recorded in Edo State, south-south Nigeria. As against N828.82 average national price per litre, it was sold at N788 per litre in Edo State in January 2023. In January 2022, a litre of diesel was sold for N331.64.
Oyo, Imo, Ebonyi and Gombe are the other four states that recorded the least rise in the price of diesel. The increase in Oyo was 155.4 percent from N328.75 a litre in January 2022 to N839.53 in January 2023; the increase was 150.8 percent in Imo State from N321.15 a litre in January 2022 to N805.38 per litre a year later; 149.8 percent increase in Ebonyi from N343 in January 2022 to N856.67 in January 2023, and an increase of 148 percent in Gombe from N326.67 a litre in January 2022 to N810 per litre in January 2023.
By region, the highest diesel price was recorded in the south west geopolitical zone. In January 2023, it was N845.59 a litre; N800.49 in south-south, and N835.41 in south east.
It was N844.81 a litre in the north central, N814.92 in north west, and N832.44 a litre in the north east.