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Diesel Hits ₦350/Litre, Surges By 56% In One Year - Politics - Nairaland

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Energy Crisis Set To Push Petrol, Diesel Prices Above ₦350/Litre / Petrol To Sell At 117 Per Litre As PPMC Slashes Ex-Depot Prices / Marketers Say Petrol Price Could Further Drop By ₦8/Litre (2) (3) (4)

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Diesel Hits ₦350/Litre, Surges By 56% In One Year by treesun: 9:39am On Jan 14
The price of Automotive Gas Oil, also known as diesel, has increased further to N350 per litre in some filling stations in Lagos.

The PUNCH had reported on October 7, 2021 that fuel marketers had increased diesel price to N320 per litre as the further rise in global crude oil prices and naira depreciation pushed up the cost of importing fuel into the country.

The price of diesel, which is not regulated by the government, has surged by over 40 per cent so far this year from an average price of N225 per litre in January.

Diesel is mostly used by businesses, especially manufacturers, to power their generators amid a lack of reliable power supply from the national grid. Many vehicles transporting goods and people across the country also use diesel.

Our correspondent observed on Thursday that several filling stations in Lagos had increased the price of the product to N350 per litre, up from a high of N340 last year.

Mobil, along the Lagos-Ibadan Expressway, and Northwest Petroleum, along the Oshodi-Apapa road, sold the product for N350 per litre on Thursday, while Heyden filling station, along Third Axial Road, Ogudu, sold it for N345.

Oando and Enyo filling stations, all along the Lagos-Ibadan Expressway, sold the product for N340 and N335 per litre respectively.



Crude oil price accounts for a large chunk of the final cost of petroleum products, and changes in oil prices affect the landing cost of imported fuel.

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said in a telephone interview on Thursday that the recent increase in oil prices led to the further hike in diesel prices in Nigeria.

“If crude oil prices continue to rise, diesel price will also go up. This is coupled with the depreciation of the naira. Naira is around 570-575 to a dollar at the parallel market,” he added.

Brent crude, the international oil benchmark, climbed above $85 per barrel on Wednesday to its highest in more than two months. It stood at $84.72 per barrel as of 7:59pm Nigerian time on Thursday.

The Director-General, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Amb. Ayo Olukanni, noted last week that the private sector had already raised the alarm on the increasing difficulties of obtaining the required foreign exchange for raw materials for industry, adding that the high cost of obtaining forex was reflected in the high cost of goods and inflationary trend.

“Perhaps most embarrassing is the energy crisis, with our low generation and distribution problems; we can only boast of combined install generation capacity for of about 12,000MW, distribution of just 4000MW and abysmal 114kwh per capita for a population of over 200 million and running our industries on generators,” he added.

The President, Association of Small Business Owners of Nigeria, Mr Femi Egbesola, had recently told The PUNCH that the surge in diesel price would increase the average cost of manufacturing in the country.


He had said, “All Nigerians depend on diesel. The reason is that manufacturers produce with diesel-powered generators; so, whatever they spend on diesel is added to the prices of their products. As far as Nigerians are buying those products, they are also paying part of the diesel price.

“It is unfortunate that the price of the product keeps increasing and nothing is being done about it. The high inflation rate in the country means that people have less money to buy things, and when prices are going up and the masses have less money to buy those products, we are going to have a lot of joblessness in the country.”

Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.

https://punchng.com/diesel-hits-n350-litre-surges-by-56-in-one-year/

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by treesun: 9:58am On Jan 14
How will company make profit, running at N350/litre, This APC government is a BIG SCAM. People are being laid off, because cost of running businesses are too high!

31 Likes 1 Share

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by AntiBeEmCe(m): 10:48am On Jan 14
Little wonder businesses are packing up and moving to other countries. ShopRite sold and ran away, Michelin tyres ran...more will follow.

This environment under the dvllard, is energy-sapping for businesses.

19 Likes 1 Share

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by treesun: 10:53am On Jan 14
Lalasticlala!
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by treesun: 11:04am On Jan 14
AntiBeEmCe:
Little wonder businesses are packing up and moving to other countries. ShopRite sold and ran away, Michelin tyres ran...more will follow.

This environment under the dvllard, is energy-sapping for businesses.
The same cycle to continue, but people are defending evil!

14 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by ZendayaColeman(f): 11:11am On Jan 14
Anything the lifeless one touch turns to ashes/losses.


Never again will unproductive kleptos rule naija

23 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Lanre4uonly(m): 11:12am On Jan 14
This is worrisome.

2 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by LordGuru1: 11:12am On Jan 14
cry Most Government have become tools in the Hand of Satan to enslave and Suffer Humanity.
thorpdo:
They should rest na.Is it by force to play at the Australian open?
God bless you my Brother. Novak Djokovics is an eternally great Man that shall be Celebrate beyond this foolish End Time Generation. Even though they offered him the whole World to Sell his Soul, he rejected! HalleluYAH!!! Only 8 people refuse to defile themselves with satanic gene enSlavement during the Noah's Era. I'm not suprised that most fools are blaming the Wise Guy for refusing to submit his Body to the demonic injection.

7 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Felabrity: 11:13am On Jan 14
I got diesel a year ago at 200/ltr

Buhari has messed up the economy

5 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Soylife(m): 11:13am On Jan 14
This isn't good at all

I have a fridge for sale if you are interested please quote me,it has a up and down compartment. the up is the fridge and the down is the freezer. My reason for sale is because I got a new fridge and I need money to sort out things
The fridge has little issues which can be fixed,it needs gas and the leg and handle needs to be changed
features:
I)it freezes fast
II)the speed it uses to freeze can be regulated
III)it had a fine interior
location: festac Lagos
price: 45k
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by anigbajumo(m): 11:14am On Jan 14
As a truck transporter, diesel is the main problem of our work these days coz the price is extremely high, from 220 in less than one year now it’s 350 naira per litre, it outrageous and unexpected at all. For the goods owner to add money for transport is another accoutre. When diesel was 220, I do carry goods worth 40tons to Abuja from lagos at the rate of 400k and I will use 1000 liters of diesel now they only add 60k Making it 460k with the same 1000 litres of diesel which is 350k now do the calculation, It’s a bad season for we truck/ trailer transporter. I will pay for agbero boys in lagos out of that 460k, my boys feeding allowance and still pay for tax on the road and soldiers and policemen will collect their own on the road (almost 20 checkpoints from Lagos to Abuja and the minimum money is #500 at each checking point), Honestly speaking it’s really a rigor time these days.

25 Likes 2 Shares

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by pascalbenz: 11:15am On Jan 14
shocked
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Ogaga87(m): 11:16am On Jan 14
We are at the edge of being wipe out through cost of living..

Either we wake up in 2023 or die before our time..

6 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by chrisxxx(m): 11:18am On Jan 14
It wasn't obvious àll this while that most diesel being sold in Nigeria was products of Kpo fire illegal refining in Rivers State. The price will rise further with the present clampdown in them.

2 Likes 1 Share

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by bouncin04(m): 11:20am On Jan 14
And because of tribal sentiments they are set to make same mistake by voting someone whom everyone know is clearly incompetent . Hatred is really a super bug.

8 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by EmekaBlue(m): 11:21am On Jan 14
Apc failed woefully under the dullard from daura

He will soon jet out to go hide and rest somewhere in a working country

If una like vote another one call Thiefnubu sorry i mean Tinubu...e go be another 8years of shit...nothing to offer just selfish power conscious
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by PhenomenalAustin: 11:25am On Jan 14
Let's vote in Thiefnubu for continuity.. Since we like to dy suffer
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by kereman1(m): 11:38am On Jan 14
Buhari body odour.
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Elsueno: 11:39am On Jan 14
Devaluation & inflation has some serious consequences....guess this administrations economic wizards think they can magically do anyhow & not see the effects of thier bad policies.....

2 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by htdot: 11:39am On Jan 14
God!!!
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Nbotee(m): 11:51am On Jan 14
And the useless Finance minister was asking y food prices should go up with an increase in fuel wen farmers use diesel trucks to transport their goods from the farms

2 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by InoGetJoy: 11:51am On Jan 14
we go hear am las las
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Kennyfancy(m): 11:52am On Jan 14
Buhari should just return this country back to PDP joor, what is all this now, even if PDP is bad its won't have gotten to this stage, APC is like anti christ and to think some people support this government is something that beat my imagination, are this people human or aliens?

3 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by do4luv14(m): 11:53am On Jan 14
AntiBeEmCe:
Little wonder businesses are packing up and moving to other countries. ShopRite sold and ran away, Michelin tyres ran...more will follow.

This environment under the dvllard, is energy-sapping for businesses.



And yet they wanted to encourage local producers

3 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Slynation(m): 11:54am On Jan 14
Kuku kill us...
Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Kennyfancy(m): 11:57am On Jan 14
chrisxxx:
It wasn't obvious àll this while that most diesel being sold in Nigeria was products of Kpo fire illegal refining in Rivers State. The price will rise further with the present clampdown in them.
most people don't know that the diesel and Petrol sold in Nigerianistan are from black market in the ND area

3 Likes 1 Share

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by IamDavid(m): 12:19pm On Jan 14
Doing legitimate business in Nigeria is now rocket science �

2 Likes

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by openmine(m): 12:21pm On Jan 14
This is exactly what will happen when fuel subsidy is removed with no working refinery in the country!
Marketers will wake up one morning and increase the fuel price to #400 per litre post subsidy removal!

1 Like

Re: Diesel Hits ₦350/Litre, Surges By 56% In One Year by Godi25(m): 12:24pm On Jan 14
Diesel that has been on #350/litre for over 5 months now in makurdi. Using diesel 4 biz is a great challenge

3 Likes

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