The price of Automotive Gas Oil, also known as diesel, has risen to a high price of N250 per litre.
Many businesses in the country rely heavily on diesel-powered generators for electricity as power supply from the national grid remains poor.
On Monday some filling stations in Lagos had increased the pump price of diesel to N250, while many others sold it at around N 230 – N245.
It said states with the highest average price were Borno (N245. 83), Taraba (N235) and Sokoto (N228. 33), while those with the lowest average price were Edo (N 197 .28), Katsina (N195 .63) and Rivers (N190).
The Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong , in an interview, attributed the diesel price hike to the increase in global crude oil prices and inadequate access to foreign exchange rates by private marketers.
The Director General, Lagos Chamber of Commerce and Industry , Mr Muda Yusuf , described the impact of the diesel price hike on businesses as “very severe .”
“If we our refineries are working well, we would not be subjected to this kind of rise steeply cost of diesel, and unfortunately, power supply is not increasing; it is virtually even decreasing.