Diesel Price Drops yy 5.71% in July to N1, 379/Litre

The average retail price of diesel has decreased by 5.71% on a month-on-month basis from N1,462.98 in June 2024 to N1,379.48 in July 2024, according to data from the National Bureau of Statistics, NBS.

on a year-on-year basis, the average retail price of diesel increased by a staggering 73.63%, the average price of diesel stood at N1,379.48 per litre up from N794.48 per liter in July 2023.

The top three states with the highest average price of diesel in July 2024 were Taraba (N1,721.79), Borno (N1,694.17), and Bauchi (N1,619.54); n contrast, the three states with the lowest prices were Kogi (N1,186.31), Kano (N1,211.11), and Osun (N1,246.82).

The North East Zone had the highest average price of diesel at N1,600.85, while the South West Zone had the lowest price at N1,266.57.

This decrease in diesel prices is expected to have a positive impact on transportation costs and inflation, bringing relief to consumers and businesses alike.