Brent Crude Surge Sparks Diesel Price Hike

Nigeria's diesel market has been hit by rising prices as Brent crude nears $90 per barrel, up 6.48% in recent days.

The sharp rebound in international oil prices, driven by renewed geopolitical tensions in the Middle East, has led to a surge in ex-depot prices for Automotive Gas Oil (AGO), commonly known as diesel.

According to market checks, depot owners have begun raising loading prices of AGO across major supply hubs, with some depots selling at N1,650 per litre and others at N1,670 per litre.

The increase in diesel prices is expected to raise operating expenses for manufacturers, transport operators, telecommunications firms, and other businesses that rely heavily on diesel to offset unreliable electricity supply.