The price of automotive diesel, also known as diesel, has reached 625 naira per liter at some filling stations.
That’s 4% more than the N540 per liter sold last week, and an increase of around 30% it has sold over the past two weeks.
According to The cable, the ex-depot price has risen above 500 naira per litre, forcing petrol stations to adjust their prices at the pump to the current amount.
The development comes amid fears that the United States and its European allies will ban imports of Russian crude oil.
On Monday, global oil prices hit their highest level since 2008 at over $130 a barrel before falling back to trade around $120 a barrel.
The price of diesel, which is not regulated by the government, has jumped more than 113% in the past 14 months, with the further rise in global crude oil prices and the depreciation of the naira pushing up the cost of imports fuel in the country.
Diesel is mainly used by companies, especially manufacturers, to power their generators in the context of a lack of reliable electricity supply from the national grid. Many vehicles transporting goods and people across the country also use diesel.
Nigeria still depends on imported petroleum products from other advanced countries, and high oil prices translate into high landed costs for the products.