Diesel Price Jumps To N280

The price of a litre of Automotive Gas Oil, also known as diesel, has risen to N280, buoyed by the recent increase in global oil prices and naira devaluation.

It was reported on February 24, 2021 that some filling stations in Lagos had increased diesel price to N250 per litre, while many others sold it at between N220-N245 per litre.

The global oil benchmark, Brent crude, which averaged $62.28 per barrel in February, stood at $75.10 per barrel as of 5:15pm Nigerian time on Monday.

• See Also: All Nigerian Presidents & How They Increased Fuel Price; See The President That Never Did

It was observed on Monday that the price of the product, which is not regulated by the government, ranged from N270 to N280 per litre in several filling stations in Lagos.

Mobil, Capital Oil and Gas as well as Oando filling stations, all along the Lagos-Ibadan Expressway, sold the product for N280, N279.9 and N275 per litre. The product was sold for N267.50 per litre at NNPC Retail stations.

Diesel is mostly used by businesses to power their generators amid lack of reliable power supply from the national grid.

“The high diesel cost is taking a huge toll on operating and production costs across sectors. It is a case of multiple jeopardy for businesses,” the Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, told our correspondent on Monday.

• See Also: Petrol Subsidy Will Soon Be Removed – Timipre Sylva