The National Bureau of Statistics price watch report shows the average price paid by consumers to purchase Automotive Gas Oil (AGO) popularly called Diesel, across the 36 states in Nigeria including the FCT for February 2022 was 311.98 naira per litre. This is a 36.98% increase to the February 2021 price of 227.76 naira per litre. The average price of the fuel has had an upward trend in the past year but it hit the highest price point in February 2022 at 311.98 naira. Diesel had a month-on-month increase of 8.29% from 288.09 naira in January 2022.
In addition to the hike in the price of AGO in February 2022, there has also been scarcity. The hike in price can be attributed to the surge in the price of oil in the global market, as well as the epileptic power supply that Nigeria has experienced in the past month, which has led to increased demand for diesel.
According to one report, Diesel is selling for as high as N700 per litre presently, a price point that is over 100% higher than the price of the fuel in February according to the NBS report.