Fuel prices in Nigeria are expected to rise in the coming days as global crude oil prices soar, with Brent crude reaching $79.76 per barrel on Sunday. This marks an increase from $72.88 in December 2024, potentially driving up the cost of refined petroleum products, including diesel, across Nigerian depots.
The surge in Brent’s price is linked to geopolitical tensions, particularly sanctions on Russian oil exports, as well as seasonal demand increases in colder regions and ongoing supply concerns. Analysts warn that this price hike could significantly affect fuel costs in Nigeria, especially as many local depot owners rely on imports to meet diesel demand.
Several fuel depots have already begun reporting price increases. In Lagos, the Nipco depot saw diesel prices rise by N70, from N1,050 to N1,120 per litre, while the Prudent depot increased its price from N1,025 to N1,045 per litre on Friday.
Oil and gas expert Olatide Jeremiah, CEO of petroleumprice.ng, confirmed that the rise in crude oil prices is directly impacting the cost of refined products. “The increase in Brent crude prices will lead to higher fuel costs, especially diesel, as importers adjust their prices to cover rising procurement and shipping expenses,” Jeremiah explained.
As Brent crude nears $80 per barrel, experts predict further price hikes, with Nigerian depot owners set to increase their prices in response to the global market shift. The Federal Government’s oil price benchmark for the 2025 budget stands at $75 per barrel, making the current surge in crude prices particularly significant for the nation’s fuel pricing structure.
This development follows a trend where rising crude costs are closely linked to higher fuel prices, putting additional pressure on local consumers already grappling with inflation.
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