Energy
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.
ALSO READ: Naira falls as pressure on FX intensifies
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.
-
Business6 days agoAbuja gears up for Jetour T2’s rugged-luxury experience
-
Business1 week agoNigeria Business Outlook: Dangote IPO, markets, inflation and naira in focus this week
-
Business7 days agoDangote IPO rush crashes Bamboo login as investors flood platform
-
News4 days agoUK, Canada pledge closer cooperation on trade, defence and AI
-
Business5 days agoTinubu’s economic reforms face public confidence test as cost-of-living crisis persists
-
Business5 days agoDangote: Petrol price gap fuels smuggling as Nigeria faces fresh pump price surge
-
Latest1 week agoHamzat meets Pastor Chris Oyakhilome, hails Christ Embassy’s community impact
-
Latest5 days agoCourt sets 7-day window for Atiku to serve Tinubu in 2027 suit