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COVERNEWSLETTEROIL & GAS

Diesel Price Jumps To N290/litre As Oil Price Soars

PIB: Fuel Transporters React To Restriction Of Import License

The steady rise in the global price of crude oil has pushed up the pump price of diesel, also called Automotive Gas Oil, to N290 this week.

According to a report by the National Bureau of Statistics (NBS), a litre of diesel sold for an average price of N238 in May this year.

The pump prices of petrol, gas and diesel as well as has continued to be impacted by the global rise in fuel price as well as devaluation of naira.

Brent crude, which has been trading above $70 per barrel since the start of June, increased to $74.30 per barrel as of 6.25am Nigerian time on Friday.

READ ALSO: Global Oil Price, Devaluation Push Diesel Price To N280/litre

It was observed on Thursday that the price of the diesel ranged from N275 to N285 per litre in several filling stations in Lagos.

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, had recently said the prices of diesel and kerosene had been increased because of the rise in crude oil prices.

“Marketers are not importing diesel because it has been deregulated and the pump price is based on the current crude oil prices. We get foreign exchange from the black market to import the product,” he said.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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