THE price of a litre of Automotive Gas Oil, also known as diesel, has continued its upward trend as it rose to a record high of N290 this week.
The price of a litre of diesel had last week increased to N280, buoyed by the recent increase in global oil prices and naira devaluation.
When the global oil benchmark, Brent crude, averaged $62.28 per barrel in February, the price of diesel, which is not regulated by the government, ranged from N220 to N250 per litre in Lagos.
Trading above $70/b since the start of June, Brent crude increased to $74.27 per barrel as of Thursday evening.
The price of the diesel ranged from N275 to N285 per litre in several filling stations in Lagos on Thursday.
Mobil, Capital Oil and Gas, Fatgbems as well as Oando filling stations, all along the Lagos-Ibadan Expressway, sold the product for N290, N288.9, N285 and N275 per litre respectively.
Recall that the President of the Association of Small Business Owners of Nigeria, Femi Egbesola, had last week described diesel price hike as alarming, lamenting that it ‘’is just too much’’ for Nigerians to bear.
In the latest diesel price watch report of the National Bureau of Statistics, the average price paid by consumers for the product increased by 0.69 per cent month-on-month and by 8.99 per cent year-on-year to N238.82 in May from N237.19 in April.
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