While Nigerians anxiously await the effects of the Dangote Petroleum Refinery on the energy sector, premium motor spirit (PMS) and vehicle petrol oil (commonly known as diesel) prices have not abated. In its report on the prices of the two products for December 2023, the National Bureau of Statistics (NBS) stated that consumers paid an average retail price of N1,126.69 for diesel in December, a 6.74 percent rise from N1,055.57 paid in November 2023.
According to the data, the cost of the commodity went up by 37.76 percent year over year last month, from a lower price of N817.86 per litre in the equivalent month of 2022 to a higher price of N1126.69 per litre. The average retail price of petrol rose by 3.53% from November's sale price of N648.93 to December 2023's price of N671.86. When compared to the previous year, the rise was 225.85%, with an average price of N206.19 in November 2022. According to the research, Jigawa State (N1,229.09), Kebbi/Yobe (N1,250), and Sokoto (N1,300) had the highest average diesel prices. During that time, the lowest prices were recorded in Rivers State (N897.89), Bayelsa State (N935), and Bauchi State (N985).
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