Nigeria’s average daily consumption of diesel or Automotive Gas Oil (AGO) was put at a staggering 14 million litres.
Nigeria’s erratic power generation is believed to be the bane of the country’s economic growth as extra billions are spent on alternative energy sources to power homes and industries.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), Nigeria’s average daily consumption of diesel or Automotive Gas Oil (AGO) was put at a staggering 14 million litres.
The Minister of Power, Adebayo Adelabu, recently revealed that in 2023, Nigerians spent ₦16.5 trillion buying diesel, petrol, and generators, an indication of the huge resources that go into alternative power generation.
However, most states buy AGO at a cheaper rate while some other states have to cough out larger amounts to purchase the product to power their homes and businesses.
5 states with the highest cost of diesel in Nigeria
The table below sourced from Automotive Gas Oil (Diesel) Price Watch for July 2024 published by the Nigerian Bureau of Statistics (NBS) revealed the top five states with the highest amount of diesel per litre:
| Rank | States | Amount |
|---|---|---|
|
1 |
Taraba |
₦1,721 |
|
2 |
Borno |
₦1,694 |
|
3 |
Bauchi |
₦1,619 |
|
4 |
Yobe |
₦1,610 |
|
5 |
Adamawa |
₦1,576 |
The three states with the lowest AGO price per litre were Kogi (₦1181.31), Kano (₦1211.11) and Osun (₦1246.82)
The NBS report further noted that the average retail price of AGO rose by 73.63% on a year-on-year basis from ₦794.48 per litre recorded in July 2023 to ₦1379.48 per litre in July 2024.
There was however a slight 5.71% price reduction when the amount was compared on a month-on-month basis from ₦1462.98 in June 2024, to an average of ₦1379.48 in July 2024.
On a zonal level, the region with the highest average price of AGO per litre was the North East Zone with ₦1600.85 followed by the North West at ₦1377.98 and the South East region at ₦1371.51.
The cheapest AGO price was recorded in the South West Zone at ₦1266.57.
