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The National Bureau of Statistics (NBS) has reported a significant increase in the prices of Automotive Gas Oil (AGO), commonly known as diesel, and Household Kerosene (HHK) in August 2024.
Diesel Prices
- Year-on-Year Increase: The average retail price of diesel rose by 64.58%, reaching ₦1,406.05 per liter in August 2024, compared to ₦854.32 per liter in August 2023.
- Month-on-Month Increase: There was a 1.93% increase from July 2024, where the average price was ₦1,379.48 per liter.
- State Variations:
- Highest Prices:
- Kaduna: ₦1,930.79
- Bauchi: ₦1,927.34
- Taraba: ₦1,638.14
- Lowest Prices:
- Lagos: ₦1,237.14
- Ogun: ₦1,255.00
- Osun: ₦1,268.18
- Highest Prices:
- Zonal Analysis: The North East Zone reported the highest average price at ₦1,621.23, while the South West Zone had the lowest at ₦1,283.47.
Kerosene Prices
- Year-on-Year Increase: The average retail price of household kerosene also saw a rise, increasing by 45.21% to ₦1,847.59 per liter in August 2024 from ₦1,272.40 in the previous year.
- Month-on-Month Increase: There was a 4.39% rise from July 2024, where the price was ₦1,769.86 per liter.
- State Variations:
- Highest Prices:
- Zamfara: ₦2,566.67
- Kano: ₦2,444.44
- Ogun: ₦2,388.89
- Lowest Prices:
- Taraba: ₦1,181.18
- Adamawa: ₦1,185.74
- Borno: ₦1,296.95
- Highest Prices:
- Zonal Analysis: The North West Zone had the highest average price at ₦2,118.29, followed by the South-South at ₦2,075.45, while the North East recorded the lowest at ₦1,454.38.
These significant price increases reflect ongoing economic challenges and highlight the disparities in fuel pricing across different states and regions in Nigeria.