The cost of refined petroleum products may increase following a recent surge in Brent crude oil prices, the global benchmark for crude. Brent hit $79.76 per barrel on Sunday, up from $72.88 in December 2024.
This price rise, driven by geopolitical tensions and seasonal demand fluctuations in colder regions, is already impacting Nigerian fuel depots. Sources reported a noticeable hike in diesel prices, with the Nipco depot in Lagos increasing from N1,050 to N1,120 per litre, and Prudent depot rising from N1,025 to N1,045 per litre by the end of last week.
Experts attribute the upward trend to sanctions on Russian oil exports and supply concerns. Olatide Jeremiah, CEO of petroleumprice.ng, noted, “As Brent crude nears $80, importers will likely adjust prices to cover higher procurement and shipping costs.”
The Federal Government’s 2025 budget oil benchmark is set at $75 per barrel, but the recent surge suggests consumers may face increased fuel prices, particularly for diesel.
