Petrol, Diesel Prices Today: Citizens Cry Out As Brent Crude Continues To Rise

The prices of refined petroleum products in Nigeria are expected to rise soon as Brent crude, the global benchmark for oil, climbed to $79.76 per barrel on Sunday.....KINDLY READ THE FULL STORY HERE▶

this increase in crude prices, up from $72.88 in December 2024, is anticipated to impact fuel prices across depots nationwide.

Industry analysts point to geopolitical tensions, including sanctions on Russian oil exports, supply concerns, and seasonal demand spikes in colder regions, as key factors driving this upward pressure on global oil prices.

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

Recent reports from various fuel depots show that diesel prices have been on the rise. For instance, 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 have cautioned that further adjustments could occur as early as Monday as importers factor in rising procurement and shipping costs.

Olatide Jeremiah, CEO of Petroleumprice, explained that the relationship between crude oil prices and refined product costs is well-established. “Depots are poised to increase the loading price of refined petroleum products on Monday. This indicates a likelihood of increased fuel prices, particularly diesel,” Jeremiah said.

He added that many Nigerian oil marketers rely heavily on imports, making Brent crude prices a crucial factor in determining refined product pricing.