Diesel prices are rising sharply across Nigeria, with motorists and businesses feeling the heat of yet another upward adjustment at major retail outlets. A market survey conducted on Wednesday reveals that pump prices for Automotive Gas Oil (AGO), commonly known as diesel, have climbed above ₦1,100 per litre at prominent filling stations in Lagos, Abuja, and Ibadan.
In Lagos, diesel prices remain elevated. FVB Filling Station in Igando sold at ₦1,090, while MRS at Bar Beach offered diesel for ₦1,047. On the Lekki corridor, Mobil’s outlet posted one of the city’s highest prices at ₦1,120.
In Ibadan, several stations also showed notable increases. Shafa retailed at ₦1,050, JELFAD at ₦1,030, and OBX at ₦1,090.
In Abuja, diesel prices remain equally steep. Leading brands like AYM Shafa and Rano sold at ₦1,120 each, while NIPCO posted the highest price in the city at ₦1,125 per litre. Several filling stations have adjusted their pump rates upward, responding to volatile ex-depot pricing and supply concerns.
The spike comes amid a broader trend of cost inflation in Nigeria’s downstream petroleum market. Dealers attribute the latest increase to currency pressures, elevated logistics costs, and persistent volatility in the international oil market, though critics argue that speculative pricing and profit-driven markups also play a role.
Analysts warn that the continued rise in diesel costs could further strain transport operators, manufacturing firms, and small businesses already grappling with energy expenses in a high-inflation environment.
With the product largely deregulated, industry observers note that prices are likely to remain volatile, especially as global oil prices respond to geopolitical developments and domestic market conditions remain uncertain.