The average price of automotive gas oil, which was N854.32 a liter in August, increased by 4.27% to N890.80 in September.
Diesel prices rose by 12.77% compared to the same period last year. The cost of a liter rose from N789.90 to N890.80 in September 2023.
Price variation across states
In the month of September 2023, Kano State was the state with the highest average product prices (N967.78), closely followed by Anambra State at N950.95 and Niger State at N950.55.
The three lowest-priced states were Bayelsa State (Katsina State), Rivers State, and Bayelsa State.
When comparing the average prices of diesel across different regions, the South-East Zone is the highest at N918.06, and the South-South Zone is the lowest at N863.97.
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Backstory
Bola Tinubu, as part of federal concessions made to labor unions to avoid a total shutdown of the nation’s economy, suspended the 7.5% GST on diesel imports for six months in October 2010.
While some stakeholders, especially those in the manufacturing industry, have described the tax exemption as temporary,
According to the stakeholders, the reduction in the diesel price in the country will only be N70.
According to the Major Oil Marketers Association of Nigeria, the price of diesel in Nigeria is approximately N1,100 per liter.
