Diesel price climbs to N290/litre as crude price hits $74.27 per barrel

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This week, an increase in the price of a litre of Automotive Gas Oil, also known as diesel, has been recorded as it soared to N290/ltr.

Recall that last week the price of a litre of diesel had increased to N280, buoyed by the recent increase in global oil prices and naira devaluation.

In February, when the global oil benchmark, Brent crude, averaged $62.28 per barrel, the price of diesel, which is not regulated by the government, ranged from N220 to N250 per litre in Lagos.

Brent crude, which has been trading above $70 per barrel since the start of June, increased to $74.27 per barrel on Thursday.

It was also reported that on Thursday, the price of the diesel ranged from N275 to N285 per litre in several filling stations in Lagos.

Mobil, Capital Oil and Gas, Fatgbems as well as Oando filling stations, all along the Lagos-Ibadan Expressway, sold the product for N290, N288.9, N285 and N275 per litre respectively.p

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