BREAKING: Diesel Prices Crashes In Nigeria Weeks Before Christmas (SEE CURRENT PRICE PER LITER)

BREAKING: Diesel Prices Crashes In Nigeria Weeks Before Christmas (SEE CURRENT PRICE PER LITER)

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As of Tuesday, November 28, diesel prices in Nigeria have surged to N978 per liter, according to data released by HydroCarbon Information Services (HydroCIS) Limited.

The recent figures reveal an increase from the average nationwide diesel prices on November 23, which stood at N974 per liter. Notably, on November 20, the diesel prices were even higher at N993 per liter.

This uptick in diesel prices aligns with a broader global context. On September 21, Russia initially announced a halt to diesel exports to most countries, seeking to stabilize its domestic market. However, by September 25, Russia eased some restrictions, allowing the export of bunkering fuel for specific vessels and permitting the export of diesel with higher sulfur levels. This decision came amid a worldwide diesel shortage, contributing to a spike in prices, given Russia’s significant role as a global diesel exporter.

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In Nigeria, the escalating diesel costs have become a pressing concern. In October 2023, diesel prices surpassed N1000 per liter, marking a substantial increase reported by the National Bureau of Statistics (NBS). The average retail price surged to N1004.98 per liter in October from N890.80 in September, indicating a 12.82% rise within a month. On a yearly basis, the average diesel price witnessed a substantial increase of 25.45%, rising from its previous figure of N801.09.

The NBS report further highlighted the states in Nigeria experiencing the highest and lowest diesel prices in October 2023. Plateau State recorded the highest price at N1150.00, followed by Nasarawa State at N1138.00 and Benue State at N1091.67. In contrast, Rivers State had the lowest price at N824.44, with Borno State at N827.27 and Kebbi State at N845.00.

The surge in diesel prices poses challenges for Nigerian manufacturers and businesses, many of which heavily rely on diesel generators due to inconsistent power supply from the national grid. Over a year ago, the managing director at Eden Moringa, Dr. Ashimashiga Michael, highlighted the impact of rising diesel costs on businesses. He noted that his manufacturing business spent significant amounts on diesel, ranging from N300,000 to N400,000 monthly, to ensure uninterrupted operations, particularly in running heavy machinery.

As diesel prices continue on an upward trajectory since 2022, businesses face heightened operational costs, posing economic challenges in a landscape already grappling with energy-related issues.

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