Petrol Prices May Rise Again as Brent Crude Heads Toward $100
By Aboki Forex —
Brent crude is climbing toward $100 a barrel, raising fresh fears of another round of petrol and diesel price increases in Nigeria. The global benchmark hit $97.29 per barrel on Thursday, up $1.66 or 1.7 per cent.
Data from Oilprice.com had earlier put Brent at $95 per barrel. Analysts say the rise could force refiners and fuel marketers in Nigeria to adjust prices more frequently, as petrol depot prices already climb rapidly.
Crude rally and supply fears
The surge is driven by escalating Middle East tensions, supply disruption risks and tightening global inventories. US West Texas Intermediate also moved higher during the latest session.
Beyond crude, a growing shortage of refining capacity is tightening global supplies of petrol, diesel and other products. The International Energy Agency (IEA) said global refinery crude throughputs rose in July but remained nearly 5 million barrels per day below the level recorded a year earlier, at 80.9 million barrels per day.
Disruptions to refined-product exports from the Middle East and attacks on Russian refineries have cut available capacity, the IEA said. Other refining regions cannot fully replace the lost supply. Diesel markets are especially tight, with exports from Russia, the Middle East and Asia down significantly year-on-year.
Dangote and depot price moves
Pressure is already visible in the Nigerian market. Dangote Petroleum Refinery raised its diesel gantry price by ₦100 per litre from September 4. That followed a ₦65 per litre increase in petrol announced days earlier.
Petrol depot prices have also crossed N1,300 per litre. Data from PetroleumpriceNG showed several depots now sell petrol between N1,300 and N1,310 per litre, up from N1,265 to N1,275 previously. Matrix Warri, Calabar and Optima depots raised prices to N1,300, N1,310 and N1,305 per litre respectively.
What it means for consumers
For Nigeria, sustained crude prices near or above $100 would increase cost pressures on refiners, importers and petroleum marketers. Fuel pricing remains tied to crude prices, refined-product benchmarks, exchange-rate movements, logistics and operating costs.
How long Brent stays elevated and whether global refining disruptions worsen will determine the immediate impact. With oil prices posting their strongest weekly gains in weeks and geopolitical risks still high, another fuel price adjustment is a real concern for Nigerian motorists and households.