The prices of premium motor spirit and other petroleum refined products may go up in the days ahead, especially with advances made in the cost of crude oil prices, such as in Brent.
As of the time of filing this report, Brent crude has jumped to $81.09 a barrel after enduring a $76 range in last week’s sales.
Recall that in the 2025 budget, the Federal Republic of Nigeria benchmarked oil at $75 per barrel.
Above all, rising Brent prices are attributed to geopolitical tensions, such as sanctions against Russian oil exports, whose result is supply concerns.
This single development may affect ex-depot prices of refined petroleum fuel across depots in Nigeria.
Friday’s Naija eyes beheld the fact that automotive gas oil, diesel, now has at least N70 adjust from N1,050 to N1,120 per litre upscaled at Lagos depots.
A report by the Major Energies Marketers Association of Nigeria showed that as of December 19, 2024, the landing cost of petrol was N887.51 per litre. However, the persistent rise in crude oil prices would mean that this landing cost could increase further in the days to come.
Remember that Dangote Refinery and Nigerian National Petroleum Company Limited last year jointly announced a fall in ex-depot petrol pricing, which reduced the retail prices for the product from N1040 per litre to values between N935 and N965 per litre.
Thus, today’s Nigerians acquire petrol amongst a range of N935 to N1,100 per litre throughout the nation.
The imminent fuel price hike would directly impact increasing prices of products and services already selling at high prices, considering that November headline inflation stands at 34.60 percent and food inflation at 39.93 percent.
Naijaeyes Report
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