Harder Times Loom as Fuel Crisis Set To Push Price of Diesel Above N500/Litre

Harder Times Loom as Fuel Crisis Set To Push Price of Diesel Above N500/Litre


  • The price of diesel may soon hit an all-time high amid lingering fuel shortages in states across the country
  • A recent report indicates that filling stations situated in high brow areas of Lagos state now offer petrol from N500 upwards per litre
  • Interestingly, this development would affect not only business owners but individuals who use diesel in their homes for comfort after the daily activity

The ex-depot price of diesel has crossed the N500 a litre mark, causing more discomfort for businesses who need diesel to power work activities and households, TheCable understands.

The Cable reports that fuel stations are now selling as high as N540 and N560 while others shut down diesel services since it is a deregulated market, unlike petrol that is regulated and price fixed by the government.

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A Mobil filling station located on the Ozumba Mbadiwe road in Lagos state is now selling at N540 a litre while MRS along Alakija sells for N520.

Harder times looms as fuel crisis set to push price of diesel above N500/litre
The Nigerian government has since 2016 been making repeated promises to end the importation of dirty fuels.
Photo credit: Premium Times
Source: Facebook

Branches of Total Nigeria Plc, Ardova Plc along Lekki, Ikorodu, are not selling diesel as at Friday morning, March 4.

A source raising an alarm said:

“It has happened, diesel has crossed N500 ex-depot.”

Fuel scarcity in states

For about a month, the scarcity of PMS caused by the importation of off-spec petrol has grounded activities, causing traffic gridlock as a result of long queues in Lagos, Abuja and other cities.

The price increase in diesel means that Nigerians will pay more for the commodity as they queue up at filling stations for fuel.

A petrol attendant told the news outlet that:

“Few days ago, diesel was sold for N430 a litre.”

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A researchers position

Luke Ofojebe, head of research, Vetiva Capital, linked the rise in commodity prices to Nigeria’s low oil output, which is still below OPEC’s quota hovering below 2million barrels per day, and the surging oil prices.

Ofojebe said the reason is that Nigeria still depends on imported petroleum products from other advanced countries.

Ofojebe affirmed:

“But deregulated products like diesel, jet fuel, and even lubricants will see higher prices.”

Analyst explains how fuel scarcity is a ploy by government to impose price increase on Nigerians

Meanwhile, Legit.ng previously reported that an analyst has remarked that fuel scarcity is a ploy to impose a price increase on Nigerians.

Energy policy analyst, Godwin Wuche said Nigerians are paying the price for standing against the government in its plans to remove subsidies and further impoverish the masses.

Wuche said for the fact that President Muhammadu Buhari did not speak, act or take punitive action against those who presided over the purported importation of adulterated fuel means that it is what they wanted all along.

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He said:

“How can you preside over a rot, an obvious slap on the faces of Nigerians. People who knew what happened and how a product made its way from abroad into the country should be held accountable. Some people should either be in suspension or sacked as investigations continue.”

Source: Legit.ng



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