Following the fluctuations in forex and international crude oil prices, the ex-depot price of diesel has dropped by over 30 per cent between February and June 2017.

As a deregulated product, the price of diesel is controlled by the market forces of demand and supply, unlike petrol, which has a price cap.

The international market price of crude above $53 in February, the prices of refined products were also high as the ex-depot price of diesel was between N225 per litre and N235.

The situation, it was gathered, was worsened by the high exchange rate at the period, which also impacted on the landing cost of products.

For instance, during the first week of February, the depots in Lagos were selling diesel above N235 per litre, while the pump price at filling stations were as high as N260 – N280 per litre.

While some were selling at N231, N230, 235, 227, 225, and N226, others were selling above N235 at the depots.

However, at the beginning of June, the depots were selling between N152 and N154 per litre.

According to market survey, the marketers were selling diesel at N152, 153 and N154, while the pump price was below N200 per litre at the beginning of June.

The price of diesel dropped further at the weekend with depots in Lagos selling at N155, 149, 147, 145, 144, and 144.50.

A marketer, who spoke on the situation, said the development was cyclic as a result of changing prices at the international and forex fluctuations.

“The price of crude and exchange rate in February were on the high side and they impacted not only on the price of diesel but all other products. Nigerians did not feel the impact on petrol because of the price cap. With the drop in price of crude below $50 per barrel, the country is not seeing the benefits of liberalisation on diesel,” he said.

Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Akin Akinfemiwa had told downstream operators in Lagos recently that the country was reaping the benefits of diesel and called on the federal government to remove the cap on the price of petrol.

“Without that, we will not realise the potential of this $5 billion revenue in the sector,” Akinfemiwa said.

The Chairman of Depots and Petroleum Products Marketers Association (DAPPMA), Mr. Dapo Abiodun, had also made similar call, saying that it was not by choice that the marketers allowed NNPC to currently import 95 per cent of petrol.

Abiodun, who is also the Chief Executive Officer of Heyden Petroleum Limited, said in addition to paying the marketers’ outstanding $2 billion claims arising from the old subsidy regime, the permanent solution was to remove the cap on the pump price of petrol and fully liberalise the downstream sector.

http://investorsking.com/price-of-diesel-drops-by-over-30-in-four-months/

I was beginning to think no one will notice this
yet some people will still come and insult buhari

NNPC stations still sell N185. Others sell 190. Well it's a little relieve from 245 shaa.


Buhari is working in absentia.

When petrol hits #50

Nonsense!!!
When will the price of Rice come down.


I have never cooked Diesel to eat before.

OK, I'm still waiting for price of food to drop

That's a good one.. . At least something has been achieved after 2yrs.. . Let it be permanent oooo

Apc keep playing us like Playstation 3.#Apc is a fraud

That's news jare. Go to fillings stations and see for yourselves. This government only taking advantages on papers. Mtchewww

Should we rejoice?


They should also reduce the price at which we watch Super Eagles matches...

development. thats what we want. more of it in jesus name.....garri, rice and beans next

Apc is a big fraud, just playing us like a Xbox.

Nigerians, where is our president?
Where is President Muhammed Buhari?

NwaAmaikpe:

Nonsense!!!
When will the price of Rice come down.


I have never cooked Diesel to eat before.

This man sef. Lol

Good move....praying same happen in petrol too

k4kings:
That's a good one.. . At least something has been achieved after 2yrs.. . Let it be permanent oooo

Did you say something has been achieved after two years? The price neva come down reach as e be before na. I used to buy Diesel N145 before Baba take over seat.

Make I book space. I dey come

I buy 180 per liter here in abuja


Infact let it come down more

Great

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I buy at 180

NwaAmaikpe:


When will the price of Rice come down.

I have never cooked Diesel before to eat.

Abi o, that's the most important

BTW, check my signature on what to do if you want to market your products to your customers cheaply.

Hmmmmm
first good news

Why petrol no drop...

Most of their eye and investment dey petrol, so they'll rather force an increase... Idiotas

Basic tinx that is needed n a necessity to the Masses no go drop.... na DIESEL?




TAH........

ABEG DIS ONE WEAK ME, SHIFT SMALL LEMME FAINT....

Amosjaj:
Apc is a big fraud, just playing us like a Xbox.

So you agree you're a play thing.

Good news

Ok

How many people or automobiles are using diesel? Let something be done to the petrol pump price cos everything about it affects the common man.

Its even cheaper than kero. Dis pipple no just like the poor

Good news but it would hv bin a great news if it's petrol

I want to go into diesel and kerosene supply business in the future perhaps....I.e, supplying as high as 33,000 liters. which one should I start with first? Like which of the two sells more? A.G.O or DPK?