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NBS: retail price of diesel rose by 181% as gas soar in May

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 181 per cent from N238.82 in May 2021 to N671.08 in May 2022, the National Bureau of Statistics (NBS) has said.

Month-on-month, the average retail price increased from N654.46 in April 2022, indicating a rise of 2.54 per cent when compared to the average retail price paid in May.

The spike in the price of diesel had been partly blamed for the rising inflation in the country, occasioned by the global supply gaps from the Russia- Ukraine war.

According to the NBS, the average diesel price was higher in Ekiti at N716.15, followed by Osun and Oyo with N716.00 and N707.33 respectively.

The Automotive Gas Oil (Diesel) Price Watch (May 2022) further showed that the lowest average retail price of diesel was recorded in Yobe with N560.00, followed by Bauchi and Delta with N570.00 and N624.44 respectively.

In addition, the zone analysis showed that the average price of diesel was highest in the South-West with N705.60, while the North-East had the lowest price with N639.00.

Also, the average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) stood at N3921.35 in May 2022 from N3800.47 in April, showing an increase of 3.18 per cent month-on-month.

However, on a year-on-year basis, the average retail price for Cooking Gas increased by 89.28 per cent from N2,071.69 in May 2021.

The highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) was recorded in Gombe with N4,366.67, followed by Bayelsa with N4325.00 and Adamawa with N4250.00.

On the other hand, Yobe recorded the lowest average price with N3200.00, followed by Ogun and Ondo with N3450.00 and N3480.77 respectively.

Similarly, the average price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) increased to N8,726.30 in May from N8,164.37 in April, representing a 6.88 per cent month-on-month increase.

Year-on-year basis, the average retail price for refilling a 12.5kg cooking gas increased by 103.46 per cent from N4,288.95 in May 2021.

The state comparisons showed that the highest average retail price for the refilling of a 12.5kg of cooking gas was recorded in Abuja with N9, 308.00, followed by Ekiti with N9209.09 and Oyo, with N9184.06.

Conversely, the lowest average price for the refilling of a 12.5kg Cylinder of cooking gas was recorded in Yobe at N7,500.00, followed by Kano and Kogi with, N8,175.00 and N8,200.00 respectively. The average retail price of a 12.5kg cylinder of cooking gas by zones showed that the average retail price was highest in the South-West with N8,916.10 followed by the South-East and South-South with N8885.54 and N8857.09 respectively. The North-East Zone recorded the lowest price with N8423.44.

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