The price of Automotive Gas Oil, commonly known as diesel, produced by the Dangote Petroleum Refinery, has surged from N940 per litre to N1,100 per litre due to the recent depreciation of the naira against the United States dollar.
This development comes as the latest adjustment in diesel prices by the refinery, following a series of changes in response to market dynamics and currency fluctuations.
Notably, on April 24, 2024, The PUNCH reported a reduction in diesel prices to N940 per litre, alongside a decrease in aviation fuel prices to N980 per litre. The move was aimed at offering relief to consumers amidst prevailing economic challenges.
Prior to this, on April 17, The PUNCH disclosed that the Dangote refinery had acceded to requests from oil marketers for a reduction in diesel prices.
However, the recent uptick in the price of diesel to N1,100 per litre underscores the impact of the naira’s devaluation on fuel prices. This sharp increase highlights the ongoing volatility in the Nigerian fuel market, affecting both consumers and businesses.
As Nigerians grapple with the economic ramifications of rising fuel costs, stakeholders closely monitor developments in the petroleum industry. The Dangote refinery’s decision to adjust diesel prices reflects the complex interplay of factors influencing fuel pricing, including exchange rate fluctuations and market demand.
The surge in diesel prices underscores the need for proactive measures to stabilize the fuel market and mitigate the impact on consumers. Government authorities and industry players may need to collaborate on strategies to address the challenges posed by currency depreciation and ensure the affordability of essential commodities.
Despite these challenges, stakeholders remain hopeful for improvements in the economic landscape, with expectations for sustainable solutions to address the root causes of fuel price fluctuations.
