*As Diesel price stands at N1153 in Jan 2024
WorldStage Newsonline– A total of 11.94 billion litres of Premium Motor Spirit (PMS) also known as petrol were imported in the first half of 2023, an increase of 3.29 per cent compared to the 11.56 billion litres recorded in the first half of 2022, according to the National Bureau of Statistics.
The NBS in its Petroleum Products Distribution Statistics for Half Year 2023 noted that 2.83 billion litres of Automotive Gas Oil (AGO) also known as diesel were imported in the first half of 2023.
“This indicates an increase of 49.72 per cent compared to the 1.89 billion litres recorded in the first half of 2022.”
The report noted that PMS truck out stood at 11.48 billion litres in the first half of 2023, indicating a 5.83 per cent decrease when compared to 12.19 billion litres recorded in the first half of 2022.
It said 26.07 million litres of Household Kerosene (HHK) were locally produced in the first half of 2023 compared to 22.33 million litres in the first half of 2022.
“The figure indicates a growth rate of 16.79 per cent over the period. ”
For diesel, the report said that 55.48 million litres were locally produced in the first half of 2023, indicating a 10.54 per cent increase compared to the 50.19 million litres recorded in the first half of 2022.
“This shows a growth rate of 10.54 per cent in the first half of 2023 compared to the corresponding period in 2022,” report said.
DIESEL PRICE
NBS in its Diesel Price Watch for January 2024 also said that the average retail price of a litre of diesel increased from N828.82 in January 2023 to N1153.01 in January 2024.
The report said that the January 2024 price of N1153.01 per litre amounted to a 39.11 per cent increase over the N828.82 paid in January 2023.
“On a month-on-month basis, the price increased by 2.34 per cent from the N1126.69 per litre recorded in December 2023,” it added.
On state profile analysis, the report said the highest average price of diesel in January 2024 was recorded in Kebbi at N1433.33 per litre, followed by Kogi at N1300 and Abuja at N1226.70.
It stated that the lowest price was recorded in Borno at N927.27 per litre, followed by Kano at N940.89 and Taraba at N988.33.
“In addition, the analysis by zones showed that the North-Central had the highest price of N1205.11 per litre, while the North-East recorded the lowest price at N1074.03.’’
