The price of diesel in Nigeria

 Diesel prices surge in Nigeria 

Due to a 25% inflation rate, diesel prices in Lagos and Abuja have topped N1,000 per liter, raising concerns. The increase has an impact on both corporate operations and household incomes. Diesel rates have surpassed N1,000 per liter in a number of places, including Abuja, Ogun, Ondo, and Lagos states. Examples include Shema filling stations in Kado, Abuja, and Mobil filling stations in Ifo, Ogun state. The ex-depot price was revised upward, which is what caused this price increase.

However, due to a lack of supplies, some gas stations have increased their rates, including the Nigerian National Petroleum Company (NNPC) Limited filling station. According to Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), market forces, influenced by the performance of the dollar component, are largely to blame for this price increase. As of Tuesday night, the ex-depot price for a liter was N975; however, variable factors would further affect the ultimate price. The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) is concerned about the rising cost of diesel because it is putting a strain on suppliers and making life difficult for commuters and haulage drivers. They have demanded government action to stop further setbacks to economic expansion.