Average diesel price hits N1,406.05, as marketers boycott Dangote products

The average price of diesel in Nigeria has risen by 1.93% month-on-month in August 2024, reaching N1,406.05 per liter.

This is according to the latest data from the National Bureau of Statistics (NBS). The month-on-month increase comes amid a growing standoff between local marketers and Dangote Refinery, with many marketers refusing to purchase the refinery’s lower-priced diesel products.

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The average retail price of Automotive Gas Oil (Diesel) paid by consumers decreased by 5.71%, dropping from N1,462.98 in June 2024 to N1,379.48 in July 2024. In contrast to the 5.71% price drop recorded in July 2024, diesel prices rebounded sharply in August, likely driven by a boycott initiated by local fuel marketers.

Nigeria recorded a significant year-on-year increase of 64.58% from N854.32 per liter in August 2023.

The NBS report highlighted that the highest average prices were recorded in the northern region, with Kaduna leading at N1,930.79 per liter, followed by Bauchi at N1,927.34.