The price of a litre of Automotive Gas Oil, also known as diesel, has maintained an upward trend as it rose to a record high of N290 this week. The PUNCH had reported last week that the price of a litre of diesel had increased to N280, buoyed by the recent increase in global oil prices and naira devaluation. In February, when the global oil benchmark, Brent crude, averaged $62.28 per barrel, the price of diesel, which is not regulated by the government, ranged from N220 to N250 per litre in Lagos. Brent crude, which has been trading above $70 per barrel since the start of June, increased to $74.27 per barrel as of 8:06pm Nigerian time on Thursday. Our correspondent observed on Thursday that the price of the diesel ranged from N275 to N285 per litre in several filling stations in Lagos.

Source: Punch July 08, 2021 23:03 UTC