Diesel Prices Continue To Rise In Nigeria As Oil Prices Soar Above $122 Per Barrel

The price of crude oil has surged to over $121 per barrel on Monday evening as the price of Automotive Gas Oil (AGO), known as diesel, continued to rise in Nigeria.

The rise in global crude oil prices comes as supplies of refined products such as diesel remain tight at a time when demand is expected to pick up in the United States and many other countries, owing to lower exports of the product from Russia, which has been sanctioned by Western countries as a result of its invasion of Ukraine.

Also, the continuous depreciation of the naira and lack of reliable power has exacerbated the high cost of diesel pump prices at filling stations around the country, which has raised the demand for the fuel as industries, businesses, and homes need to power their generators.

The average cost of the product selling for N780 per litre in certain filling stations and as high as N790 per litre in others, according to the report.

Increases in the price of gasoline and diesel have continued to affect all aspects of human endeavour. School tuition, housing rent, food products, and other commodities.