Diesel price in Nigeria has dropped to its lowest in two years, nearing the ₦1,000 per litre mark at several filling stations in Lagos. At Eunice Ato Filling Station, College Bus stop, Igando, diesel sold for ₦1,020 per litre, while at the Mobil Filling Station, Off Allen Avenue in Ikeja, it was ₦1,025 per litre.
This notable decline in diesel price signals easing cost pressure on businesses and households dependent on diesel for transportation and power generation. The drop continues a weeks-long trend of falling diesel prices, influenced by both domestic and international factors.
Why Diesel Price Is Falling
This sustained decline is driven by several key factors:
- Improved local refining output, particularly from Dangote and modular refineries.
- A stronger naira and better forex liquidity have eased import costs for fuel marketers.
- Stabilized and now falling international crude prices, with Brent crude slipping to $61.29 per barrel, down 1.35% in just one day.
Diesel Prices at Depots Show Consistency Below ₦1,000
Current depot data reveals a significant consistency in diesel price below the ₦1,000 mark. At last check, Parker depot sold diesel at ₦986, while AITEO and MAO sold at ₦943 each. Dangote and Pinnacle depots both listed diesel price at ₦946, with CHIPET at ₦944, and RAINOIL Lagos slightly higher at ₦990.
Marketers indicate that, barring any forex disruptions or distribution challenges, prices may drop below ₦1,000 per litre at most urban outlets by mid-May. That would represent a major economic relief, especially for the manufacturing and logistics sectors.
As global oil benchmarks continue to slide, diesel buyers across Nigeria are beginning to feel the impact, a rare but welcome change after years of relentless price hikes.