The diesel price in Nigeria has surged above N2,000 per litre, putting fresh pressure on businesses, transport operators and consumers already facing rising costs.
A market survey on Friday showed that diesel, also known as Automotive Gas Oil (AGO), now sells for between N2,000 and N2,020 per litre at several filling stations in Abuja and its environs.
The latest prices represent a sharp increase from the previous range of N1,700 to N1,800 per litre.
As a result, motorists and businesses now pay between N300 and N320 more for each litre of diesel, depending on the filling station and location.
The increase affects major outlets, including AA Rano, Empire Energy and Ranoil, among other filling stations monitored in the Federal Capital Territory.
The diesel price in Nigeria began climbing after depot owners increased their selling price to about N1,900 per litre.
This latest adjustment has added another layer of pressure to the downstream petroleum market.
Diesel remains an important fuel for businesses across Nigeria. Many companies rely on diesel-powered generators because of unreliable electricity supply.
Therefore, a sharp rise in diesel prices can quickly increase operating costs. Manufacturers, transport companies, construction firms and small businesses may all feel the impact.
Higher diesel costs can also push up the prices of goods and services. Businesses may eventually transfer part of the additional cost to consumers.
For small businesses that depend heavily on generators, the increase could prove particularly difficult. Higher energy expenses can reduce profit margins and force some operators to review their prices.
However, the wider impact will depend on how long the new price level lasts and whether depot prices rise further.
For now, the diesel price in Nigeria has crossed another major threshold, creating fresh concerns about the cost of doing business and the pressure facing consumers.
