BREAKING: Diesel Price Rise To N545/litre

BREAKING: Diesel Price Rise To N545/litre

According to Nairametrics, the price of Automotive Gas Oil, popularly known as diesel, is currently sold at N545 in some fuel stations across Lagos. This is an increase of over 113% from the N225 which the commodity was for sold in January 2021.

This was confirmed from findings made by the source on Saturday across fuel stations in some areas in Lagos.

The findings revealed that while some stations along Lagos-Ibadan expressway are selling at N545/litre, others in Abuja sell between N440 and N460/litre.

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Some of the fuel stations visited by the source were Mobil, along the Lagos-Ibadan Expressway (N545), and Northwest Petroleum, along the Oshodi-Apapa road (N550), Heyden filling station, along Third Axial Road, Ogudu.

The price of diesel, which is not regulated by the government, has surged by over 113% in the last 14 months, as the further rise in global crude oil prices and naira depreciation pushed up the cost of importing fuel into the country.

Diesel is mostly used by businesses, especially manufacturers, to power their generators amid a lack of reliable power supply from the national grid. Many vehicles transporting goods and people across the country also use diesel.

Source: Nairametrics

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