Fuel marketers raise diesel price to N265 per litre

Fuel marketers in the country have increased the price of Automotive Gas Oil also known as diesel, to N265 per litre.

The price of diesel first rose to a new high of N250 per litre on February 24, with businesses taking a beating on the back of rising energy costs.

Punch reported that some filling stations in Lagos State were selling the product for between N248 and N265 per litre on Sunday March 21, while some placed the price between N220 and N245 per litre.

It was learnt that Mobil filling station along the Lagos-Ibadan Expressway and Nipco at Fadeyi axis of Ikorodu Road increased the pump price of diesel to N265 per litre; while Forte Oil at Onipanu sold it for N255 per litre.

The National Bureau of Statistics in its latest AGO price watch report, also said the average price paid by consumers for diesel increased by 1.29 per cent to N227.76 in February from to N224.86 in January.

The report read;

“States with the highest average price of diesel were Zamfara (N268.78), Adamawa (N263.33) and Kebbi (N257.50). States with the lowest average price of diesel were Osun (N206.50), Ekiti (N207.86) and Plateau (N208.57)."

National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi who commented on the development said the prices of diesel and kerosene had been increased because of the rise in crude oil prices.

He said;

“Marketers are importing diesel because it has been deregulated and the pump price is based on the current crude oil prices. We get foreign exchange from the black market to import the product."