DIESEL PRICE RISES TO N290/LITRE AS CRUDE SURGES TO $74.27

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The price of a litre of Automotive Gas Oil, popularly known as diesel, has remained on the rise, reaching a new high of N290 this week.
Last week, it was reported that the price of a litre of fuel had risen to N280, owing to the recent rise in global oil prices and currency depreciation.
When the global oil benchmark, Brent crude, averaged $62.28 per barrel in February, the price of diesel, which is not controlled by the government, fluctuated between N220 to N250 per litre.
Brent crude, which has been trading over $70 per barrel since the beginning of June, rose to $74.27 per barrel at 8:06 p.m. Nigerian time on Thursday.
In its latest diesel price monitor report, the National Bureau of Statistics stated that the average price paid by customers for the product grew by 0.69 per cent month on month and by 8.99 per cent year on year to N238.82 in May from N237.19 in April.

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