The month of September 2023 has seen Kano, Anambra, and Niger states take the lead in terms of the highest prices for Automotive Gas Oil, commonly known as Diesel, according to the latest report by the National Bureau of Statistics (NBS).
In its Automotive Gas Oil (Diesel) Price Watch released on a Saturday, the NBS revealed that Kano state registered a price of N967.78 for a litre of Diesel, making it the highest in the country. It was closely followed by Anambra state at N950.95 per litre, and Niger state at N950.55 per litre.
On the other hand, the report also highlighted the states with the lowest prices for Diesel. Bayelsa state had the lowest recorded price at N840.16 per litre, followed by Katsina state at N840.55 per litre and Rivers state at N840.82 per litre.
The rise in Diesel prices has garnered attention from key stakeholders, including Mr. Benneth Korie, the President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA). Mr. Korie has expressed concern about the impact of the continuous increase in Diesel prices on the Nigerian economy, calling for government intervention to address the issue.
It is worth noting that Diesel was deregulated in 2009, starting with an initial price of N100 per litre. However, over the years, the price has continued to rise steadily. Nigerians have witnessed a significant increase from N100 per litre in 2009 to an average of N890.80 per litre in September 2023.
The escalating prices of Diesel can have far-reaching implications for various sectors of the Nigerian economy, such as transportation, manufacturing, and agriculture. It is crucial for policymakers and industry players to work together in finding sustainable solutions to stabilize and possibly reduce the cost of Diesel, ensuring the overall economic well-being of the nation.
