Diesel (AGO) is a crucial fuel in Nigeria, powering various sectors of the economy, including transportation, manufacturing, and agriculture.
However, the price of diesel has been fluctuating over the years, influenced by factors such as global oil prices, exchange rates, and supply and demand.
In this article, we will examine the current price of diesel in Nigeria, the factors affecting it, and some frequently asked questions about diesel prices.
Current Price of Diesel in Nigeria
According to the Nigerian National Petroleum Company Limited (NNPCL), the current pump price of diesel (AGO) in Nigeria is ₦1,225 per litre. This price is significantly higher than the previous regulated price due to the removal of subsidies on diesel by the government.
However, due to logistics and other factors that vary by location, the actual price of diesel may differ across the country.
According to a survey by Okay.ng, a website that tracks the prices of various goods and services in Nigeria, the average price of diesel across the country is currently around ₦1,300 per litre, with prices ranging from ₦1,200 to ₦1,400 per litre.
The table below shows the average prices of diesel in all 36 states and the Federal Capital Territory (FCT) in Nigeria as of April 10, 2024.
According to the Nigerian National Petroleum Company Limited (NNPCL), the current pump price of diesel (AGO) in Nigeria is ₦1,225 per litre. This price is significantly higher than the previous regulated price due to the removal of subsidies on diesel by the government.
However, due to logistics and other factors that vary by location, the actual price of diesel may differ across the country.
According to a survey by Okay.ng, a website that tracks the prices of various goods and services in Nigeria, the average price of diesel across the country is currently around ₦1,300 per litre, with prices ranging from ₦1,200 to ₦1,400 per litre.
The table below shows the average prices of diesel in all 36 states and the Federal Capital Territory (FCT) in Nigeria as of April 10, 2024.
| State | Diesel Pump Price (₦/litre) |
|---|---|
| Abia | ₦1,225/litre |
| Adamawa | ₦1,225/litre |
| Akwa Ibom | ₦1,225/litre |
| Anambra | ₦1,225/litre |
| Bauchi | ₦1,225/litre |
| Bayelsa | ₦1,225/litre |
| Benue | ₦1,225/litre |
| Borno | ₦1,225/litre |
| Cross River | ₦1,225/litre |
| Delta | ₦1,225/litre |
| Ebonyi | ₦1,225/litre |
| Edo | ₦1,225/litre |
| Ekiti | ₦1,225/litre |
| Enugu | ₦1,225/litre |
| Gombe | ₦1,225/litre |
| Imo | ₦1,225/litre |
| Jigawa | ₦1,225/litre |
| Kaduna | ₦1,225/litre |
| Kano | ₦1,225/litre |
| Katsina | ₦1,225/litre |
| Kebbi | ₦1,225/litre |
| Kogi | ₦1,225/litre |
| Kwara | ₦1,225/litre |
| Lagos | ₦1,225/litre |
| Nasarawa | ₦1,225/litre |
| Niger | ₦1,225/litre |
| Ogun | ₦1,225/litre |
| Ondo | ₦1,225/litre |
| Osun | ₦1,225/litre |
| Oyo | ₦1,225/litre |
| Plateau | ₦1,225/litre |
| Rivers | ₦1,225/litre |
| Sokoto | ₦1,225/litre |
| Taraba | ₦1,225/litre |
| Yobe | ₦1,225/litre |
| Zamfara | ₦1,225/litre |
| FCT (Abuja) | ₦1,225/litre |
Please note that these prices are subject to change at different stations across the country.
Factors Affecting the Price of Diesel in Nigeria
The price of diesel in Nigeria is influenced by several factors, both internal and external, including:
- Global oil prices: Nigeria imports a significant portion of its diesel due to limited refining capacity. Therefore, the price of diesel in Nigeria is heavily dependent on the international market price of crude oil, which is determined by global supply and demand, as well as geopolitical events.
- Exchange rate: Since oil transactions are conducted in US dollars, the exchange rate between the naira and the US dollar plays a crucial role in determining the price of imported diesel. A weaker naira against the dollar increases the cost of importing diesel, ultimately affecting domestic diesel prices.
- Subsidy policy: Until recently, the government subsidized the price of diesel to make it more affordable. However, in 2023, the government announced the removal of subsidies on diesel, leading to a significant increase in prices from the regulated price.
- Supply and demand: The supply and demand of diesel in Nigeria also impact its price. Factors such as pipeline vandalism, refinery breakdowns, or import delays can reduce supply, while rapid industrialization and economic growth can increase demand, both contributing to higher diesel prices.
Frequently Asked Questions about the Price of Diesel in Nigeria
Q: Why does the price of diesel vary across different locations in Nigeria? A: The price of diesel may vary due to factors such as transportation costs, taxes, levies, margins, and market forces. Diesel may be more expensive in remote areas due to higher transportation costs, and prices may differ between states due to varying taxes and levies imposed by state governments.
Q: How can I find the cheapest diesel in my area? A: To find the cheapest diesel in your area, you can compare prices at different filling stations and choose the one offering the lowest price. However, it’s essential to consider the quality and quantity of the diesel to avoid purchasing adulterated or under-dispensed fuel, which can damage your vehicle.
Q: How can I save money on diesel consumption? A: To save money on diesel consumption, you can adopt practices such as driving efficiently (maintaining a steady speed, avoiding sudden acceleration or braking, using the correct gear), maintaining your vehicle regularly (changing oil, air filters, spark plugs, and tires as recommended), and avoiding overloading or carrying unnecessary items that can increase fuel consumption.
