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Diesel price surge to N978 per litre – Report

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Diesel prices have surged to N978 per litre as of Tuesday, according to data from HydroCarbon Information Services Limited.

This reflects an increase from the average nationwide diesel price of N974 per litre reported on November 23.

The data further reveals that on November 20, diesel prices across the country were recorded at N993 per litre.

The recent spike in diesel prices comes amid global challenges in the supply chain, compounded by Russia’s decision to temporarily halt diesel exports to most countries in September, a significant move considering Russia’s role as a major global diesel exporter.

In October 2023, diesel prices in Nigeria exceeded N1000 per litre, as reported by the National Bureau of Statistics.

The NBS indicated a notable increase in the average retail price of diesel, rising to N1004.98 per litre from N890.80 in September, representing a 12.82% surge in just one month. Comparatively, the average diesel price witnessed a year-on-year increase of 25.45%.

The NBS report highlighted the states with the highest and lowest diesel prices in October 2023. Plateau State recorded the highest price at N1150.00, followed by Nasarawa State at N1138.00, and Benue State at N1091.67.

In contrast, Rivers State had the lowest price at N824.44, followed by Borno State at N827.27, and Kebbi State at N845.00.

In addition to diesel, average nationwide petrol prices on Tuesday were N607 per litre, while kerosene prices stood at N905 per litre.

Cooking gas costs varied across regions, with prices at N11,750 in the Northwest (Kano state), N10,650 in the Southwest (Lagos state), and N11,375 in the North Central (Abuja).

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