fbpx
Connect with us

Business

Diesel Hits New Price Weeks Before Christmas, See Current Price Per Liter

In Nigeria, diesel prices reached over N1000 per litre in October 2023.

Published

on

Disel VerseNews
Diesel Price

Diesel prices have hit N978 per litre as of Tuesday, November 28. This is according to data shared by HydroCarbon Information Services (HydroCIS) Limited.

According to the data made available to VerseNews, average diesel prices around the country as of Tuesday were N978 per liter, meanwhile on November 23, average nationwide diesel prices were N974 per liter.

On November 20, nationwide diesel prices were N993 per liter.

Advertisement

Note that on September 21, Russia announced stopping the export of diesel to most countries, except a few nearby nations, to stabilize its own domestic market.

However, by September 25th, Russia eased some of these restrictions. They permitted the export of bunkering fuel for specific vessels and also allowed the export of diesel with higher sulfur levels.

This decision came at a time when there was a global shortage of diesel, causing prices to soar. Russia is a major diesel exporter globally.

In Nigeria, diesel prices reached over N1000 per litre in October 2023. The National Bureau of Statistics (NBS) reported a significant increase in the average retail price of diesel.

Advertisement

In October, it rose to N1004.98 per litre from N890.80 in September, marking a 12.82% rise in just a month.

Comparing it on a yearly basis, the average diesel price surged by 25.45% from its previous figure of N801.09.

The NBS report also highlighted the states in Nigeria with the highest and lowest diesel prices. In October 2023, Plateau State had the highest price at N1150.00, Nasarawa State at N1138.00, and Benue State at N1091.67. On the other hand, Rivers State had the lowest price at N824.44, followed by Borno State at N827.27, and Kebbi State at N845.00.

It is important to note that Nigerian manufacturers and businesses have struggled with rising diesel costs. Many of these businesses are connected to the national grid and due to the epileptic power supply, they receive daily, have resorted to the use of diesel generators to run their businesses, especially in the operation of heavy machinery.

Advertisement

To put this situation into perspective, over a year ago, the managing director at Eden Moringa, Dr Ashimashiga Michael told Nairametrics that his manufacturing business operates for eight hours on a daily basis.

According to him, for six to seven hours, the business relies on a diesel generator to function.

At the time, he said: “At our factory, we make use of industrial meters for on-grid power, yet we spend way more on diesel generators. We spend over N300,000 to N400,000 monthly on diesel purchases to run the business.”

Advertisement

Those business costs have now increased significantly as diesel prices have been on an upward trend since 2022.

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Enroll For Digital Skills

Apply For Latest Job Openings

Trending

lawmaker lawmaker
Politics6 mins ago

Defection: Lawmaker Demands Resignation Of 27 River Legislators

A lawmaker has called on 27 Rivers State legislators to resign after they defected from the PDP to the APC.

bobrisky sentenced bobrisky sentenced
Entertainment15 mins ago

BREAKING: Bobrisky Sentenced To Six Months In Jail With No Fine Option

Bobrisky sentenced to six months in prison without the option of a fine for naira abuse charges.

mohbad's son mohbad's son
Entertainment27 mins ago

‘Do You Still Need DNA?’ – Nigerians React As Mohbad’s Son, Liam Celebrates First Birthday With Stunning Football-Themed Photos

Mohbad's son, Liam Light Aloba, the one-year-old son of the late Nigerian singer Mohbad, celebrated his birthday with a football-themed...

Electricity Tariffs Electricity Tariffs
News1 hour ago

BREAKING: Tinubu Government Gives Condition For Reduction Of Electricity Tariffs

The Tinubu government has hinted at a potential reduction in electricity tariffs for Band A customers if the exchange rate...

prophet junior pope prophet junior pope
Entertainment22 hours ago

WATCH: Old Video Of Ghanaian Prophet Warning Junior Pope Of Spiritual Threats Resurfaces Online

An old video shows a Ghanaian prophet warning Nigerian actor Junior Pope about a spiritual threat and potential accident orchestrated...

Tinubu Expresses Sadnessvn Tinubu Expresses Sadnessvn
Education23 hours ago

Tinubu’s Government Promises Half Payment Of Withheld Salaries To University Staff

The Federal Government announced that non-academic university staff will receive half of their withheld salaries if President Bola Tinubu approves...

Junta Suspends Political Party Junta Suspends Political Party
World News23 hours ago

Mali’s Junta Suspends Political Party Activities Indefinitely

"Junta Suspends Political Party": Mali's military junta has suspended all political party activities and associations until further notice, citing public...

Lagos-Calabar Coastal Road Lagos-Calabar Coastal Road
News23 hours ago

Tinubu’s Government To Charge Nigerians N3,000 Per Toll Gate On Lagos-Calabar Coastal Road

The Federal Government announced that Nigerians using the completed Lagos-Calabar Coastal Road will pay an average toll of N3,000 per...

Lower Fuel Prices Lower Fuel Prices
Business1 day ago

Dangote: Refinery’s Lower Fuel Prices Will Help Curb Inflation

Alhaji Aliko Dangote stated that the Dangote Petroleum Refinery will offer lower fuel prices, specifically diesel, which will help reduce...

Junior Pope's burial Junior Pope's burial
Entertainment1 day ago

‘He Must Be Buried Beside The River He Drowned’ – Anam Community Divided Over Junior Pope’s Burial

The Anam community in Anambra State faces a dispute over Junior Pope's burial, with some residents insisting on laying him...

Advertisement