Diesel Now Costs N350/Litre

The cost of Automotive Gas Oil, popularly known as diesel, has surged to N350 per litre. This data was collected from a number of gasoline stations.

Diesel price has increased by 40% this year from the average price of N225. Diesel prices, which are not regulated by the federal government, has consistently spiraled since 2021.

Amid poor power supply, the need for diesel has become crucial in ensuring smooth production process. With vehicles transporting goods and people across the country using this fuel.

According to reports from punch, several filling stations in Lagos had increased the price of the product to N350 per litre, up from a high of N340 last year.

Northwest Petroleum, Mobil filling station amongst others in lagos state, has sold the petroleum product at N350 per litre. However, Heyden filling station sold at N345 per litre.

Crude oil price accounts for a large chunk of the final cost of petroleum products, and changes in oil prices affect the landing cost of imported fuel.

Brent Crude, the international oil benchmark, climbed above $85 per barrel on Wednesday to its highest in more than two months. It stood at $84.72 per barrel as of 7:59pm Nigerian time on Thursday.