Nigeria diesel prices, 04-Mar-2024 | GlobalPetrolPrices.com (2024)

FAQs

How much is a litre of diesel in Nigeria 2024? ›

The National Bureau of Statistics (NBS) has said that the average retail price of a litre of diesel increased from N840. 81 in March 2023 to N1341. 16 in March 2024.

As mentioned above, this price is expected to stay relatively stable throughout 2024 and 2025 due to increases in supply, augmented by a minor increase in demand as the worldwide economy shifts into a higher gear. Around the globe, several unique variables are contributing to seismic shifts in diesel pricing.

The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 28.12 percent on a year-on-year from ₦224.86 per litre in January 2021 to ₦288.09 per litre in January 2022.

Average petrol prices in Nigeria 2019-2024

As of January 2024, the average price of gasoline in Nigeria was 668.3 Nigerian naira (NGN) per liter, around 0.41 U.S. dollars.

In September 2023, the price of diesel in Nigeria increased by 4.27 percent, compared to August 2023. In the period under review, the largest increase was recorded in March 2022, when the average price increased by almost 73 percent in comparison to the previous month.

While Nigeria is a major oil producer, its domestic refining capacity remains limited. This means the country relies heavily on imported diesel to meet its needs. With global prices surging, the import cost naturally increases, translating to higher pump prices for Nigerians.

The EIA Short-Term Energy Outlook – January 2024

According to the most recent data, the forecast for the average U.S. fuel retail prices in 2024 is: Gasoline – $3.31/gallon. Diesel – $3.92/gallon.

Although we expect more diesel production and less strain on U.S. and global inventories to reduce diesel prices in 2024 and 2025, we also expect annual U.S. average diesel consumption to grow modestly, by 1.3%, or about 50,000 b/d, in 2024 supported by continuing economic growth.

Traders anticipate both the U.S. Federal Reserve and the European Central Bank will cut interest rates this year which would turbocharge the cyclical upswing. As a result, global distillate inventories are likely to remain below average and could easily tighten further, intensifying the upward pressure on prices.

What is the average price of diesel in Nigeria? ›

The average retail price of Automotive Gas Oil (Diesel) paid by consumers in January 2023 was N828. 82 per litre, an increase of 187.69% from N288. 09 per litre recorded in the corresponding month of the previous year. On a month-on-month basis, this in- creased by 1.34% from N817.

US Retail Diesel Price is at a current level of 4.015, down from 4.061 last week and down from 4.098 one year ago. This is a change of -1.13% from last week and -2.03% from one year ago. The US Retail Diesel Price is the average price that retail consumers pay per gallon of diesel fuel.

The proposed price hike is reportedly being driven by a combination of factors, including the rising cost of crude oil on the international market, the weakening of the naira against the dollar, and the high cost of distributing petrol within Nigeria.

What is the Cost of 1 Bag of Cement? On average, the cost of one bag of cement in Nigeria is approximately N11,000. However, prices may fluctuate based on factors such as brand, location, and market dynamics.

Are fuel prices going down? Since the start of the new year 2024, fuel prices have dropped slightly, after straight months of rises in 2023. The latest fuel prices, as of March 2023, are 142.97p per litre for petrol and 152.69p for diesel.

In 2016, diesel price for Nigeria was 0.64 US dollars per liter. Though Nigeria diesel price fluctuated substantially in recent years, it tended to increase through 1998 - 2016 period ending at 0.64 US dollars per liter in 2016.

Meanwhile, the NBS report also shows that the 12 months average prices for Automotive Gas Oil (Diesel) was ₦184.80 in September 2017, ₦199.26 in November 2017 and ₦213.82 in January 2018.