Diesel Price Rises to ₦1,450 Per Litre as Depot Owners React to Global Oil Market
The price of diesel has increased by about three per cent to ₦1,450 per litre, following a fresh adjustment by petroleum depot owners and marketers amid rising global crude oil prices.
The latest increase comes within 24 hours of renewed volatility in the international oil market, with marketers attributing the price adjustment to higher landing costs and the impact of developments in the global energy sector.Industry stakeholders said fluctuations in crude oil prices, foreign exchange pressures and rising import costs have continued to influence the domestic pricing of refined petroleum products, including Automotive Gas Oil (AGO), commonly known as diesel.
The increase is expected to affect businesses and consumers who rely heavily on diesel to power operations, particularly manufacturers, transport operators, telecommunications companies and small businesses that depend on generators due to inconsistent electricity supply.
Energy analysts warn that a sustained rise in diesel prices could lead to higher transportation costs and increased prices of goods and services, adding further pressure to businesses already facing elevated operating expenses.Depot operators and marketers noted that pump prices may continue to vary across different parts of the country depending on supply costs, logistics and prevailing market conditions.The latest adjustment highlights the continued influence of global oil market movements on Nigeria’s downstream petroleum sector, with industry players closely monitoring international crude prices and exchange rate trends for their impact on domestic fuel prices. The development comes as stakeholders continue to advocate for policies that will strengthen local refining capacity and reduce Nigeria’s dependence on imported petroleum products, a move they believe could help stabilise fuel prices in the long term.
