TheCable

Some filling stations in Lagos state have increased the retail price of diesel to N255 per litre.

On Tuesday, TheCable visited AP filling station at Ishefun road where the commodity was sold at N250 per litre.

The station manager told TheCable that the product was previously sold at N245 per litre and the increase was effected on Monday.

“Our price is still the best you can find around. Others are selling for up to N260, N265, ” he added.

Badek Mega Station at Ayobo area of Lagos and NNPC filling station along Camp Davies road sold diesel at N255 per litre.

Mike Osatuyi, the national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price hike to TheCable.

He explained that marketers are free to choose an amount to sell the commodity according to their cost price.

“If you want diesel, you can import it yourself. The market is open. The association didn’t specify a selling price for marketers,” Osatuyi said.

“Marketers fix their price by themselves based on what they buy. If your price is too high, nobody will come and buy from you.”

Osatuyi explained that the increase is due to the rise in global crude oil prices and currency exchange rate on the black market.

“Diesel has been deregulated for over 20 years. The price hike is because of the crude price and the dollar price at the black market. The crude price is up to $70 now which we have expected for a long time.

“Also, there is an increase in the forex rate in the black market. We have been unable to get forex through CBN for several years. That’s just the simple reason.

“The same thing has happened to kerosene. Kerosene sells for the same range as diesel now.”

The price of Brent crude oil fell to $62 per barrel on Tuesday.