Brent crude oil price has risen to $114 per barrel, raising concerns about a possible increase in petrol prices across Nigeria’s downstream market.
The rise follows escalating tensions in the Middle East, which have affected global energy supply.
The increase in crude oil prices is linked to recent developments in the Middle East, including attacks on energy infrastructure in key oil-producing regions.
These developments have disrupted supply expectations and driven up global energy prices.
Data shows that Brent crude rose by 6.24 percent to $114.08 per barrel, its highest level since May 2022. At the same time, West Texas Intermediate crude reached $96.33 per barrel.
Checks indicate that the rise in global crude prices has already reflected in Nigeria’s petrol market. Petrol prices have increased significantly since the escalation of the crisis.
Available data shows that petrol is currently sold between ₦1,267 and ₦1,300 per litre in some locations, compared to ₦730 to ₦880 per litre before the crisis began.
In response to global price movements, Dangote Refinery also adjusted its pricing. On March 13, the refinery increased its ex-gantry price of petrol to ₦1,175 per litre, citing international crude benchmarks.
Despite volatility in crude oil prices, the cost of cooking gas remained relatively stable in some parts of Nigeria.
Checks in Abuja and Lagos showed that cooking gas prices remained around ₦1,100 to ₦1,150 per kilogram at selected retail outlets.
However, higher prices of between ₦1,500 and ₦1,800 per kilogram were recorded in parts of the South-East and South-South regions.
The surge in crude oil prices reflects broader global market reactions to supply concerns. Energy markets have experienced sharp increases as geopolitical tensions intensified, affecting oil supply routes and production expectations.
The rise in crude oil prices has implications for Nigeria’s downstream petroleum sector, where fuel pricing is influenced by international market benchmarks.
Higher crude prices typically affect the cost of refined petroleum products.
