US Diesel Prices Surge: Nigeria's Diesel Hits ₦2,000/Litre

On September 11, 2023, diesel prices in the United States reached a record high of $6.0556 per gallon, marking a 14 percent increase over the past month and over 60 percent higher than the previous year. This surge is attributed to global supply disruptions, particularly due to the conflict involving the United States and Iran affecting shipping through the Strait of Hormuz, as well as Ukrainian attacks on Russian refineries.

The rising diesel costs are significant as they impact transportation, logistics, and the prices of goods. In Nigeria, diesel prices have also escalated, with a market survey on September 4 revealing prices between ₦2,000 and ₦2,020 per litre in Abuja and surrounding areas, up from ₦1,700–₦1,800.

This increase follows higher depot prices, with some operators moving to around ₦1,900 per litre. Additionally, Dangote Petroleum Refinery raised its diesel gantry price by ₦100 to ₦1,850 per litre amid rising crude prices.