Marketers raise diesel price to N265 per litre.
The price of Automotive Gas Oil, which is also called diesel, in Nigeria has been pushed up to N265 per litre. This is done by the fuel marketers.
On February 24, the price of diesel went up to N250 per litre and this caused companies to suffer due to this increase of energy costs as majority of the companies make use of diesel-powered generators.
On Sunday, March 21, some gas stations in Lagos State were already selling diesel at a price between N248 and N265 per litre, while others were charging between N220 and N245 per litre, according to Punch.
Diesel price was taken up to N265 per litre at Mobil filling stations located along the Lagos-Ibadan Expressway and Nipco on the Fadeyi axis of Ikorodu Route, while Forte Oil in Onipanu was selling it for N255 per litre.
According to the National Bureau of Statistics latest AGO price watch survey, it was stated that the average price paid by consumers for AGO had increased by 1.29% to N227.76 in February, picking up from its last price of N224.86 in January.
The report read;
“The states battling with the highest average diesel prices were Zamfara, which sold for N268.78, Adamawa selling for N263.33, and Kebbi selling for N263.33, N257.50 while the lowest average diesel prices were in Osun which was selling for N206.50, Ekiti selling for N207.86, and Plateau selling for N208.57.
The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria(IPMAN),Mr Mike Osatuyi, made comment on the situation. He said that the increase in the price of crude oil had resulted the upsurge of diesel and kerosene prices.
He explained why marketers raise diesel price to N265 per litre, he said;
“Marketers import diesel due to the fact that the pump price is determined by current, deregulated crude oil prices. We buy foreign exchange on the black market to import the product.”