Fuel price increases over escalating global crude oil prices

Petrol and diesel loading costs at depots across Nigeria surged on Monday, driven by escalating global crude oil prices.

The increase in fuel prices has sparked fresh concerns about imminent hikes at fuel stations nationwide.

Brent crude oil, the international benchmark, climbed to $79.76 per barrel on Sunday. By Monday, prominent depots, including Swift, Wosbab, Sahara, and Shellplux, adjusted their petrol prices to between N950 and N960 per litre, compared to last week’s range of N907 to N912 per litre.

Diesel prices also witnessed a steep rise, with depots such as Matrix Warri and Nipco increasing rates by N72 to N100 per litre.

Similarly, marketers sourcing products from the Dangote refinery have raised petrol prices from N899 to N923 per litre, reflecting the broader market trend.

Industry analysts estimate that petrol depot prices have increased by 7-10%, while diesel prices surged by 5-10%, depending on the location. These adjustments are expected to influence retail pump prices in the coming weeks, intensifying the financial burden on consumers.

Experts caution that ongoing volatility in global crude oil markets and depot pricing could further strain Nigeria’s economy and household budgets, emphasizing the need for proactive regulatory measures to stabilize the sector.