Diesel rates have reached N867 per liter in Lagos state and N875 in other Southwest states as of today, Saturday, August 12.
Nairametrics reported that this information came from industry sources that are familiar with the situation.
Despite being deregulated prior to the removal of fuel subsidies, diesel prices are soaring because ex-depot prices are rising.
According to sources this week, the ex-depot price of diesel at the Apapa port is currently between N790 and N820 a liter.
Ex-depot pricing for diesel at the Apapa port was listed in a recent industry data sheet released by the Major Oil Marketers Association of Nigeria.
The MOMAN industry report also noted that the national average price of diesel over the same time period was N650 per liter. MOMAN used the current exchange rate of 1 US dollar to N 895 to determine the diesel price.
As demand continues to outpace supply, the exchange rate has now declined by 8% month to date.
The weakening of the local currency versus the dollar will have a negative influence on diesel pricing because diesel is imported into Nigeria along with other petroleum goods, which are paid for in dollars. This effect has already been felt at the Apapa Hub.
It’s also vital to keep in mind that since the second quarter of 2023, diesel prices have increased in various parts of the country.
According to the National Bureau of Statistics’ June 2023 report on diesel prices, the cost of a liter of diesel in Taraba state in that month was N899.23, N875.67 in Adamawa state, and N873.33 in Niger state.
According to data from the NBS, the country’s average diesel price was N815.83 per liter, down 3.37% from the N844.28 per liter recorded in May 2023.
The ex-depot prices for diesel at the Apapa port were;
24th of July: N624 per litre
25th of July: N638 per litre
27th of July: N647 per litre
28th of July: N653 per litre
31st of July: N693 per litre
2nd of August – N649 per litre
3rd of August: N714 per litre
