Over the years, one of the most volatile price-driven commodities in Nigeria is diesel. Nevertheless, the market forces cannot cease to impose surprises. Even though consumers get along without surprises anymore It continues to show consistent dynamism in price.
It was quite a creepy trade throughout the weekend with no obvious changes even though Dollar was busy mountain pressure on Naira in Forex. As usual, the business week began on Monday 28th with the N287 per litre for diesel fuel. This is the same price per litre as last week’s Friday 25th. So, there was no visible change in the price unlike what so many spectators envisaged, price hikes.
Diesel Price Update Table
Below is the table showing the price movement throughout the week. You can see that the market flows gradually in quite an increasing manner. Throughout Monday, the price was no different from that of Friday with N287 per litre which affirms the zero percentage change we have in the table.
Recall that this week 5 of June has 3 days of June and the first two days of July in it. The Diesel market kicked off by maintaining the N295 price of last week’s Friday. No changes until Thursday morning. For the past two weeks now, the consistent price hikes have been worrisome.
On Monday 28th there was absolutely no change with what we saw on Friday’s market but with the US Dollar sliding up over naira before the close of business on Monday, thus the slight increase in what we woke up on Tuesday 29th to see. That is a price increase by N5 from N287 to N290.
The market retained the N290 price increase which crawled until Friday Morning being the first day of July 2021 and hit another record high of N295 before the close of business for the week. Until Friday morning, 1st of July, when we experienced the +1.72% change of the record-breaking increase ever, the +1.79% change on Tuesday 29th June maintained a no change. Thus, the additional N5 in diesel price from N290 to N295 was what made the difference.
| Date | Diesel Price | % Change |
| Monday 28th | no change | |
| Tuesday 29th | +1.79 | |
| Wednesday 30th | no change | |
| Thursday 1st | no change | |
| Friday 2nd | +1.72 |
Wrapping Up This Week’s AGO Price Update
So, it is important to note that, unlike last week where the diesel market closed with the same figure as that of its Thursday, 8th July 2021, this week is closing not just with a different figure from its Thursday, 1st July, but with a record-breaking figure of N295. Hence the N5 increase in price resulting in a +1.72% change as seen in the data table.
Note that this compelling article simply compares all that happened in the market price of diesel for this week with that of the change in diesel price for June week 4 – 2021. We will not relent from keeping you up-to-date every week with our reports here even if there is no change in the weekly price of diesel.
It is imperative that we continue to provide helpful tips and data for all our clients and users of this blog in other to assist everyone in forecasting and planning right towards the next refuelling of their power plants, especially for this period. So, feel free to always check our previous and subsequent articles in other to stay ahead of all the latest.
This portal is built strictly to furnish you with all the weekly happenings in the diesel market mostly price related.
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