Diesel, commonly known as AGO, holds a crucial role in Nigeria’s economy, powering essential sectors like transportation, manufacturing, and agriculture.
However, recent upheavals in diesel prices have set off alarms among consumers and stakeholders, signaling potential economic repercussions.
Latest Price of Diesel (Per Litre) – April 12, 2024
According to the Nigerian National Petroleum Company Limited (NNPCL), the current pump price of diesel in Nigeria is ₦1,225 per litre. This substantial hike from the previous regulated price stems from the government’s decision to remove subsidies on diesel.
Despite the official figure, a survey conducted by Okay.ng reveals that the average diesel price across the nation hovers around ₦1,300 per litre.
However, disparities exist, with prices ranging between ₦1,200 to ₦1,400 per litre depending on location and various factors.
The fluctuations have ignited discussions regarding the underlying causes of diesel price shifts in Nigeria.
Global oil prices, exchange rate fluctuations, and supply-demand dynamics emerge as primary drivers behind the volatility in diesel prices.
Both consumers and businesses find themselves grappling with the ramifications of these price oscillations.
Elevated diesel costs translate into heightened operational expenses for businesses, raising concerns about inflation and overall economic stability.