Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state, Daily Trust reports.
The product sells for N1,270 per litre in Kano state and above that outside the metropolis.
This implies a 26 per cent increase in the price of the product in less than one week. It had sold for N1,030 on the 23rd of October.
As of Thursday, many filling stations in Lagos yesterday had adjusted their price to between N1,250 and N1,270.
A bakery owner, Ibrahim Nagode, said: “The price keeps increasing on a daily basis. You can buy it in the morning for a certain price, and in the evening, you are told that the price has changed.”
“We were planning to buy diesel yesterday, and we have planned our budget on the rate we bought it the last time only to be told that the price is now N1,275,” said another source.
Commenting on the situation, the Chief Executive Officer of Golden Rice Mill, Ilya Nazifi, said since logistics and power are affected, the cost of production and prices of finished goods would go up.
