A month ago, the price of diesel was less than N670 for a litre in Lagos. But today, Saturday, August 12, diesel sells for N867 per litre in Lagos and N875 in the Southwest region.
According to a business news website, Narametrics, the ex-depot price for diesel at the Apapa port ranges between N790-N820 per litre at against less than N650 in July.
The cause
A few days ago, Naira sank the lowest, exchanging at N950 to a single dollar at the parallel market. And since diesel is imported into Nigeria, alongside other petroleum products, which are purchased in dollars, the depreciation of the local currency against the dollar will negatively impact diesel prices, which has started to play out at the Apapa Hub
It is also important to note that diesel prices in other parts of the country have seen an increase since the second quarter of 2023.
The June 2023 diesel price watch report from the National Bureau of Statistics (NBS) showed that in June 2023, diesel in Taraba state cost N899.23 per litre, N875.67 per litre in Adamawa state and N873.33 per litre in Niger state.
Meanwhile, the average diesel price in the country was placed at N815.83 per litre, a 3.37% reduction from the N844.28 per litre recorded in May 2023, according to data from the NBS.
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