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Diesel hits N290 per litre in Nigeria as private sector operators cry out

Diesel, a motor gas oil has spiked to N260 per litre this week according to private sector operators.

Technocrat Media Nigeria

Diesel, a motor gas oil has spiked to N260 per litre this week according to private sector operators.

On Friday at 11:11 PM (GMT), the surge is on the back of rising in the price of crude oil which sold at $75.55 per barrel at the international market.

However, the prolonged high crude prices will ultimately feed into a climb in fuel landing cost for users in Nigeria — meaning an increase in the price of diesel which is not subsided like petrol, THECABLE says.

The organised private sector raised the alarm that the new diesel price may further trigger an increase in prices of goods and services, as most businesses in Nigeria rely on diesel-powered generators as an alternative to the unreliable supply of electricity.

The members of the group expressed worry over the new price include Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA); and National Association of Small and Medium Enterprises (NASMEs); the Nigeria Employers’ Consultative Association (NECA); Nigeria Economic Summit Group (NESG).

According to the National Bureau of Statistics, it said the average price paid by consumers for the product increased by 0.69 per cent month-on-month and by 8.99 per cent year-on-year to N238.82 in May from N237.19 in April.

Currently, the price of food and commodities has been on the high side as a rate of risin inflation.

According to Satista, Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 per cent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase.

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