The price of diesel surged by 68.01 per cent in April on a year-on-year basis despite the price slash announced by Dangote Refinery.
The National Bureau of Statistics, NBS, disclosed this on Tuesday in its Diesel Price Watch for April 2024.
NBS data showed that diesel prices increased to N1415.06 per litre from N842.25 in the month last year.
Similarly, the product surged by 5.51 per cent month-on-month to N1341.16 per litre in March 2024.
The development comes despite Dangote Refinery reducing the cost of diesel to N940 and N980 in April.
The refinery had announced a price reduction to N1,000 per litre in the same month.
However, NBS data has shown that Dangote Refinery’s diesel price cut is yet to impact the market and Nigerians.
A further state-by-state analysis of the NBS report said the highest average diesel price in April 2024 was recorded in Taraba at N1,742.46 per litre, followed by Bauchi at N1,669.63 and Borno at N1,652.61.
It stated that the lowest price was recorded in Niger Slat N1,023.00 per litre, followed by Kogi at N1,152.50 and Adamawa at N1,257.50.
