NBS: Diesel retail price up 181% as gasoline soars in May

James Emejo

The average retail price of automotive gas oil (diesel) paid by consumers increased by 181% from N238.82 in May 2021 to N671.08 in May 2022, the National Bureau of Statistics (NBS) said.

Month-on-month, the average retail price increased from N654.46 in April 2022, indicating a 2.54% increase from the average retail price paid in May.

The spike in diesel prices had been partly blamed on rising inflation in the country, caused by global supply shortfalls resulting from the Russian-Ukrainian war.

According to the NBS, the average diesel price was highest 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 N and 624.44 N respectively.

Further, the area analysis showed that the average diesel price was highest in the South West at N705.60, while the North East had the lowest price at N639.00.

In addition, the average price of filling 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% month-on-month.

However, on a yearly basis, the average retail price of cooking gas increased by 89.28% from 2,071.69 Naira in May 2021.

The highest average price for refilling a 5 kg bottle of liquefied petroleum gas (cooking gas) was recorded in Gombe with N4,366.67, followed by Bayelsa with N4,325.00 and Adamawa with N4,250.00.

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 12.5 kg cylinder of liquefied petroleum gas (cooking gas) rose to N8,726.30 in May from N8,164.37 in April, representing a 6.88% increase month over month.

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

State comparisons showed that the highest average retail price for filling 12.5 kg of cooking gas was recorded in Abuja with N9,308.00, followed by Ekiti with N9,209.09 and Oyo, with N9184.06.

Conversely, the lowest average price for refilling a 12.5 kg cooking gas cylinder was recorded in Yobe at N7,500.00, followed by Kano and Kogi at N8,175.00 respectively. N and N8,200.00. The average retail price of a 12.5kg cooking gas cylinder by zone showed that the average retail price was highest in the South West at N8,916.10 N, followed by South-East and South-South with 8,885.54 N and 8,857.09 N respectively. . The North East zone recorded the lowest price with N8423.44.