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What Is The Cost Of A Liter Of Diesel In Nigeria? - Business - Nairaland

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What Is The Cost Of A Liter Of Diesel In Nigeria? by Angolobabe(f): 7:12pm On Apr 02, 2011
Hello,
Please what is the cost of a liter of diesel in nigeria?
Re: What Is The Cost Of A Liter Of Diesel In Nigeria? by koolguy88: 8:53pm On Apr 05, 2013
A new Energy crisis may further worsen as indications have emerged that the price of diesel, on which the economy is heavily dependent, hit N160 per litre at the weekend. The pump price currently hovers around N150 and N160 in Lagos, while it is selling higher in other major towns and cities.

According to investigation by the Nigerian Tribune, the upward swing in price, partly owes to the rising price of crude oil in the international market, failure of local refineries to meet production target and lack of clear cut policy by the Federal Government on the deregulation of the downstream sector.

There are fears that many companies may be forced to shut down operations owing to huge operating cost. Sectors such as manufacturing, finance, services, hospitals, schools, government agencies as well as homes depend on diesel-powered generators as the power crisis bites harder.

Investigations by the Nigerian Tribune revealed that importers have had to contend with higher freight cost which had increased significantly in the past few months and lack of credit due to credit crunch in the financial markets. Local interest rates by Nigerian banks are also being blamed for the increasing cost of the product.

Considered more worrisome is the fact that the local refinery production is below installed capacity of about 450,000 bpd. The refineries do not produce on a daily basis for a country whose diesel demand is put at about 30 million barrels per day.

According to an industry source that preferred not to be mentioned, the diesel end of the petroleum market is fully deregulated, as no subsidy is paid on imported diesel.

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