NAIRAMETRICS
Effective today, Saturday, August 12, diesel prices will hit N867 per litre in Lagos state and N875 in the Southwest region.
This is according to information seen by Nairametrics from industry sources familiar with the matter.
Why the increase
Diesel prices are skyrocketing despite being deregulated before the fuel subsidy removal because ex-depot prices are increasing. This week, sources told Nairametrics that ex-depot prices for diesel at the Apapa port now range between N790-N820 per litre.
Recent trajectory in ex-depot price change
Meanwhile, in an industry data sheet recently shared by the Major Oil Marketers Association of Nigeria (MOMAN), ex-depot prices for diesel at the Apapa port were;
July 24 – N624 per litre
July 25 – N638 per litre
July 27 – N647 per litre
July 28 – N653 per litre
July 31 – N693 per litre
August 2 – N649 per litre
August 3 – N714 per litre
Meanwhile, the same MOMAN industry sheet also highlighted diesel prices in the country during the same period as N650 per litre. The diesel price was calculated by MOMAN using the exchange rate which was 1 US dollar to N895 at the time.
Nigeria’s exchange rate is currently experiencing a high level of volatility. On Friday, Nairametrics reported that the exchange rate between the naira and dollar closed a tumultuous week quoting for as high as N955/$1 on the black market.
