The National Bureau of Statistics (NBS) says the retail price of a liter of diesel increased from N836.91 in February 2023 to N1,257.06 in February 2024.
NBS stated this in its Diesel Price Watch for February 2024 released in Abuja on Wednesday.
It stated that the February 2024 price amounted to a 50.20 percent increase over the price in February 2023.
“On a month-on-month basis, the price increased by 9.02 percent from the N1,153.01 recorded in January 2024,’’ it added.
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The bureau stated also that in state profile analysis, the highest price of diesel in February 2024 was recorded in Akwa Ibom at N1,525 per liter, followed by Gombe State at N1,500 and Kwara at N1,444 per liter.
It stated that the lowest price was recorded in Adamawa at N1,037.50, followed by Kano at N1,111.43 per liter and Katsina State at N1,125 per liter.
“Analysis by zones showed that the South-South had the highest price of N1,343.09 per liter, while the Southwest recorded the lowest price at N1,164.05 per liter,’’ it added.
Diesel fuel, also called diesel oil or historically heavy oil, is any liquid fuel specifically designed for use in aa engine, a type of internal combustion engine in which fuel ignition takes place without a spark as a result of compression of the inlet air and then injection of fuel. Therefore, diesel fuel needs good compression ignition characteristics.
The most common type of diesel fuel is a specific fractional distillate of petroleum fuel oil, but alternatives that are not derived from petroleum, such as biodiesel, biomass to liquid (BTL), or gas to liquid (GTL) are increasingly being developed, and adopted. To distinguish these types, petroleum-derived diesel is sometimes called petro-diesel in some academic circles. This is a high-volume profitable product produced in crude oil refineries.
NAN
