The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude
Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel.
The rise in the cost of the commodity from the $72.88 recorded in December 2024 that fuel prices across Nigerian depots may be impacted.
The increase in Brent price is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports. Supply concerns and seasonal demand fluctuations in colder regions have also contributed to the upward trend.
Sources informed Punch correspondent that several fuel depots began reporting price increases for diesel on Friday, marking the start of a noticeable rise in fuel costs across various regions.
Analysts also suggested that the Brent crude price surge is a major driver, as many Nigerian depot owners rely on imports to meet diesel demand.
The correlation between crude oil prices and refined products is well-established, as Brent serves as a benchmark for global petroleum product pricing.
With the increase in crude oil costs, importers are likely to adjust their prices to cover higher procurement and shipping costs.
Recall that the Federal Government’s oil price benchmark in the 2025 budget estimates is $75 per barrel.
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