Dielsel price surges to N290/litre as crude rises to $74.27

Written by on July 9, 2021

The price of a litre of Automotive Gas Oil, also known as diesel, has maintained an upward trend as it rose to a record high of N290 this week.

It was reported last week that 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 as of 8:06pm Nigerian time on Thursday.

Credit: Punch

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