The price of diesel has surpassed N500 per litre in some fuel stations across Lagos as fuel scarcity across the country bites harder.

Checks by Peoples Gazette on Monday revealed that fuel stations are now selling at prices ranging between N530 and N540 per litre.

While Eterna filling station sold at the rate of 540/litre on Monday morning, Amuf oil followed closely with a pump price of N530/litre, with Rain oil, Nationwide and NNPC selling at N470, N450 and N350 respectively.

The new price shows a significant increase in pump price from the initial N225 per litre sold in January 2021.

Fuel stations visited by The Gazette include Eterna (Ogba), Amuf Oil (Ogba), Nationwide (Ojodu), NNPC (Ogba), and Rain Oil (Ojodu). 

The Gazette observed that some other filling stations on Ogunnusi road in Ogba, including NNPC and Oando, were shut.

Mostly used by large scale businesses in their daily activities in the wake of the erratic power supply being experienced in the country, the price of diesel, which is largely unregulated, has surged by over 113% in the last 14 months.

Experts have continued to blame the hike in prices to further rise in global crude oil prices and the depreciation of the local currency, naira. 

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, had blamed the global increase in crude oil price for the hike of diesel price in Nigeria.

“If crude oil prices continue to rise, diesel price will also go up. This is coupled with the depreciation of the naira. Naira is around 570-575 to a dollar at the parallel market,” Mr Osatuyi explained.