The cost of diesel in major filling stations across Lagos surged past N400 per litre in recent days as fuel scarcity, rise in oil prices trigger general price increases in the cost of goods and services.
Reports have it that most filing stations now sell diesel between N400 and N420 across Lagos up from an average of N350 per litre in late January. Diesel prices closed the year (2021) at under N300 per litre. This time last year, Diesel sold for under N250/litre. The price is as high as N600 per litre in the Federal Capital City Abuja.
Data from the National Bureau of Statistics (NBS) indicate average diesel price in Lagos was N303 in January 2022 a 24% rise when compared to the price of N243 in December, The NBS data also indicate diesel price was N131.47 in June 2015 when the Buhari administration came into power.
Unlike fuel, diesel is not a subsidized product as marketers are allowed to sell at any price provided it is determined by demand and supply. Marketers often raise diesel prices if the economics of product supply and cost of delivery requires.
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