Diesel price rises by over 100% in 3 months, sells for N600/litre
As the ongoing fuel crisis in the nation which resulted from Premium Motor Spirit (PMS) scarcity lingers, meting great losses on several businesses and homes, Lagosians are currently being faced with a hike in the price of a fuel that now serves as ‘best alternative’ in the meantime – diesel.
The hike is coming weeks after the Federal Government and the Nigerian National Petroleum Corporation (NNPC) have both failed to fully address the scarcity of PMS, creating an avenue for some Nigerians to opt for Automotive Gas Oil, otherwise known as diesel, instead.
EnergyDay’s recent investigation revealed that the product now sells at an average price of N550-N600/litre which is about 106% increase since it sold for N243/litre in December, 2021.
In Lagos, diesel price first rose by about 24.7% from N243/litre in December 2021 to sell at N303/litre in January, 2022.
The National Bureau of Statistics (NBS) in its Automotive Gas Oil (Diesel) Price Watch for January, stated, “ The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 28.12 percent on a year-on-year from N224.86 per litre in January 2021 to N288.09 per litre in January 2022.
“On a month-on-month, the average retail price of Diesel stood at N288.09 per litre in January 2022 indicating a decline of 0.44 percent from N289.37 in December 2021.
“The zonal distribution of average retail prices shows that South-East has the highest with N317.45 followed by South-West and South-South with N314.25 and N303.05 respectively. While the zone with the lowest average retail price was the North-West with N243.62.”
Despite the huge percentage increase, diesel price further rose by 32.01% in February to sell at an average of N400/litre.
Some Lagosians expressed their dissatisfaction with the increase.
Philip Akinwande, a senior lecturer at Lagos Anglican Bible College, said, “ I agree with you on this matter. I bought diesel for N600 per litre on Saturday.”
Another resident said, Oyelade Abraham, “NNPC Filling Station that should even help Nigerians sell to us at prices between N600-N620 per litre”
SITUATION AT FILLING STATIONS
EnergyDay during its checks on filling stations in Lagos, gathered that motorists and commuters purchase diesel for N550/litre.
At both Petrocam along the Lekki Expressway and Enyo Filling Station at the Lekki-Epe Expressway, our correspondents confirmed that diesel was being sold at N550/litre as of Monday morning. The situation was almost the same when our correspondent visited Pinnacle Filling station reputed as one of the top filling stations dispensing PMS to ease the scarcity in the country. It sold at N600/litre.
On the mainland Oshotim Filling Station along the Lagos-Ibadan Expressway, dispensed at N600/litre while MRS Filling Station Adebola, Surulere, Lagos sold to customers at N550/litre.
EnergyDay’s survey at Ayomide Filling Station in Alakuko, Alagbado area where a lot of motorists expressed their displeasure with the huge gap in the price increase, revealed that the station sold to them at N650.