By David Akinmola, Abuja
The average retail price of a litre of Automotive Gas oil (AGO), otherwise known as diesel, in December 2022 was N817.86 per litre, an increase of 182.64 per cent from N289.37 recorded in the same month in 2021.
The National Bureau of Statistics (NBS) in the AGO Price Watch for December 2022 shows that the price of diesel has risen consistently for 11 consecutive months last year after it dropped from N289.37 in December 2021 to N288.09 in January 2022.
On a month-on-month (m/m) basis, the price increased by 1.11 per cent, from N808.87 per litre reported in November 2022.
On state analysis, the highest average price of the product in December 2022 was recorded in Ebonyi with N869.25, followed by Bauchi with N860, then Ondo with N856.36.
On the other hand, the lowest price was recorded in Akwa Ibom with N773.75, followed by Benue with N777.5 and Borno with N785.
Zonal analysis showed that the South-West had the highest price with N841.35, while the South-South recorded the lowest price at N798.54.
With the high cost of diesel, fuel and epileptic electricity supply, it has become extremely difficult to run a business profitably in Nigeria.
Energy cost is taking a huge chunk of the operating capital of manufacturers, rising over 40 per cent in some cases.
In a recent statement, the Kwara/Kogi branch of the Manufacturers Association of Nigeria (MAN) said the skyrocketing price of diesel has made it almost impossible for businesses to operate.
The branch Chairman, Pharm. Bioku Rahmon, in a statement, said the manufacturing sector was facing a huge energy crisis with a non-existent public power supply and a high cost of diesel.
He appealed to the Federal Government to urgently come to the aid of the manufacturing industry.
