Petrol, Diesel Prices Set To Rise As Brent Crude Hits $79.76

The prices of refined petroleum products in Nigeria may increase soon as Brent crude, the global benchmark for oil, climbed to $79.76 per barrel on Sunday.

Naija News understands that the rise in crude prices, up from $72.88 in December 2024, is expected to impact fuel prices across depots nationwide.

Industry experts attribute the increase in Brent crude prices to geopolitical tensions, particularly sanctions on Russian oil exports, supply concerns, and seasonal demand spikes in colder regions. These factors have created upward pressure on global oil prices.

The Federal Government’s 2025 budget estimates crude oil at a benchmark price of $75 per barrel, underscoring the significance of the current surge.

Reports from various fuel depots reveal that diesel prices began climbing last week. The Nipco depot in Lagos recorded an increase of ₦70, moving from ₦1,050 to ₦1,120 per litre on Friday. Similarly, Prudent depot raised prices from ₦1,025 to ₦1,045 per litre.

Depot operators warn that further adjustments could occur as early as Monday as importers adjust for rising procurement and shipping costs.

The Chief Executive Officer of Petroleumprice, Olatide Jeremiah, in a chat with Punch, noted that the correlation between crude oil prices and refined product costs is direct and well-established.

“Depots are poised to increase the loading price of refined petroleum products on Monday. It implies that there is a possibility of increased fuel prices, particularly diesel prices,” Jeremiah said.

He explained that many Nigerian oil marketers rely heavily on imports, making Brent crude prices a critical determinant in pricing refined products.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos. On Monday, prices might be jacked up by importers due to the rising crude oil benchmark,” he added.