The persistent energy crises that has compounded the woes of manufacturers in the country seems to be easing off as diesel prices, a major source of energy for manufacturers dropped marginally by 5.71 per cent from N1462.98 per litre in June 2024 to an average of N1379.48 in July 2024.
The National Bureau of Statistics in its automotive gas oil (diesel) watch report for July 2024, however said, on year-on-year basis, the average retail price per litre increased by 73.63 per cent from N794.48 per liter recorded in the corresponding month of July last year to a higher cost of N1379.48 per liter in July 2024.
The NBS said on state by state analysis, the top three states with the highest average price of the product in July 2024 include Taraba State (N1721.79), Borno State (N1694.17), and Bauchi (N1619.54). Furthermore, the top three lowest prices were recorded in Kogi State (N1186.31), Kano State (N1211.11), and Osun (N1246.82).
The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that North East Zone has the highest price of N1600.85 while South West Zone has the lowest price of N1266.57 when compared with other Zones.
In a related report, the NBS said the average retail price of Premium Motor Spirit (Petrol) for July 2024 increased by 28.35 per cent from N600.35 in July 2023 to N770.54 in July 2024.
However, comparing the average price of the product with the previous month of June 2024, the average retail price increased by 2.72 per cent from N750.17.
On State profile analysis, Katsina State had the highest average retail price for Premium Motor Spirit, at N950.00, Jigawa and Benue States were next, with N903.08 and N846.95, respectively.
Conversely, Kwara, Edo, and Akwa Ibom States had the lowest average retail prices for Premium Motor Spirit at N650.00, N669.75, and N673.75 respectively.
The Zonal profile shows that the North-West Zone had the highest average re tail price of N820.10, while the South-South Zone had the lowest price of N678.30.
The energy crisis which results from the failure of the national grid to supply adequate electricity to the nation, especially manufacturing concerns and the high cost of petroleum products especially diesel and fuel, is a major contributor to the high cost of manufactured goods in the country. It has also forced many firms to shut down as they can no longer cope with the cost of operation.