Diesel, also known as AGO, plays a vital role in Nigeria’s economy, powering crucial sectors like transportation, manufacturing, and agriculture. However, recent fluctuations in diesel prices have raised concerns among consumers and stakeholders.
Latest Price of Diesel (Per Litre) – April 10, 2024
The Nigerian National Petroleum Company Limited (NNPCL) reports that the current pump price of diesel in Nigeria stands at ₦1,225 per litre. This significant increase from the previous regulated price is attributed to the government’s decision to remove subsidies on diesel.
Despite this official figure, a survey conducted by Okay.ng reveals that the average price of diesel across the country is approximately ₦1,300 per litre. However, variations exist, with prices ranging from ₦1,200 to ₦1,400 per litre depending on location and other factors.
These fluctuations have sparked debates about the factors influencing diesel prices in Nigeria. Global oil prices, exchange rates, and supply and demand dynamics are cited as major contributors to the volatility in diesel prices.
Consumers and businesses alike are feeling the pinch of these price fluctuations. Higher diesel prices translate to increased operational costs for businesses, leading to concerns about inflation and overall economic stability.
In response to these concerns, the government faces pressure to address the root causes of diesel price fluctuations. Strategies to stabilize prices and ensure affordability for consumers and businesses are being explored.