Tuesday, June 3, 2025
The Lagos Today
  • Login
No Result
View All Result
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Price Of Diesel Rises To N545 Per Litre

by Eucharia Egwuma
March 5, 2022
in Business
Reading Time: 2 mins read
0
0
Price Of Diesel Rises To N545 Per Litre
Share on FacebookShare on Twitter

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.

According to Nairametrics who made the findings on Saturday across fuel stations in some areas in Lagos, the price of increase in diesel varied as  some stations along Lagos-Ibadan expressway are selling at N545/litre, others in Abuja sell between N440 and N460/litre.

Some of the fuel stations visited by Nairametrics 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.

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said in a recent media briefing that the recent increase in oil prices had led to further hikes in diesel prices in Nigeria.

He said, “If crude oil prices continue to rise, diesel price will also go up. This is coupled with the depreciation of the naira. Naira is around 570-575 to a dollar at the parallel market.”

The Director-General, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Ayo Olukanni, explained recently in a media report that the private sector had already raised alarm on the increasing difficulties in obtaining the required foreign exchange for raw materials for industry, adding that the high cost of obtaining forex was reflected in the high cost of goods and inflationary trend.

He said, “Perhaps most embarrassing is the energy crisis, with our low generation and distribution problems; we can only boast of combined install generation capacity for of about 12,000MW, distribution of just 4000MW and abysmal 114kwh per capita for a population of over 200 million and running our industries on generators.”

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: Diesel
Previous Post

Buhari Celebrates OBJ at 85

Next Post

Covid-19: No new case was recorded in Lagos

Eucharia Egwuma

Eucharia Egwuma

Related Posts

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

by Iyanu Ale
May 2, 2025
0

Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered...

South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

by Iyanu Ale
April 28, 2025
0

South African startup CureRoot is pioneering a new frontier in pharmaceutical innovation by harnessing artificial intelligence (AI) to discover novel...

Next Post
Lagos Water Corporation Suspends Strike Over Covid-19 Concerns

Covid-19: No new case was recorded in Lagos

Please login to join discussion

Recommended

Ondo Church Attack: Outraged Buhari Instructs All State Resources to Neutralise Attackers

Expanded And Diversified Participation In International Trade Key To Socio-economic Development Of African Economies- Buhari

2 years ago
2.5m Lagosians Join APC

APC National Executive Committee Meets Today, To Discuss Zoning, Consensus Presidential Candidacy

3 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    Opinion

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result

    © 2020 The Lagos Today - Nkali.

    %d