Starting from today, Saturday, August 12, diesel prices will surge to N867 per liter in Lagos state and N875 in the Southwest region, as reported by Nairametrics citing industry sources.Thank you for reading this post, don't forget to subscribe!
Despite the deregulation of diesel prices before the removal of fuel subsidies, prices are soaring due to the increase in ex-depot prices. Sources revealed that ex-depot prices for diesel at the Apapa port now range between N790 to N820 per liter.
A data sheet from the Major Oil Marketers Association of Nigeria (MOMAN) shared recently highlights the fluctuating ex-depot prices for diesel at the Apapa port:
– July 24 – N624 per litre
– July 25 – N638 per litre
– July 27 – N647 per litre
– July 28 – N653 per litre
– July 31 – N693 per litre
– August 2 – N649 per litre
– August 3 – N714 per litre
During this same period, the diesel price was calculated by MOMAN at N650 per litre using an exchange rate of 1 US dollar to N895.
The current exchange rate in Nigeria is experiencing significant volatility, with the naira reaching as high as N955/$1 on the black market.
This depreciation in the local currency against the dollar is impacting diesel prices, which are imported into Nigeria along with other petroleum products purchased in dollars.
It’s worth noting that diesel prices have been on the rise in various parts of the country since the second quarter of 2023. According to the National Bureau of Statistics (NBS) June 2023 diesel price watch report:
– Taraba state: N899.23 per litre
– Adamawa state: N875.67 per litre
– Niger state: N873.33 per litre
The average diesel price across the country was N815.83 per litre in June 2023, reflecting a 3.37% decrease from the N844.28 per litre recorded in May 2023, based on NBS data.