Petrol price may rise as crude hits $81 per barrel

Petrol price may rise as crude hits $81 per barrel

 The prices of premium motor spirit and other petroleum
refined products may rise in the coming days following the increase in the cost
of crude oil prices, such as Brent.

 

The price of Brent crude on Monday surged $81.09 per barrel as
of the time of filing this report from around $76 last week.

 

Recall that the Nigerian government in the 2025 budget
proposal bench-marked oil price at $75 per barrel.

 

The rise in the price of Brent is attributed to geopolitical
tensions, particularly sanctions imposed on Russian oil exports, which have
triggered supply concerns.

 

The development may impact the ex-depot prices of refined
petroleum fuel across depots in Nigeria.

 

It was gathered on Friday that the price of automotive gas
oil, diesel, has already been adjusted by at least N70 from N1,050 to N1,120
per litre in Lagos depots.

 

Data from the Major Energies Marketers Association of
Nigeria on December 19, 2024, showed that the landing cost of petrol stood at
N887.51 per litre; however, the rise in the price of crude oil means the
landing cost may go up in the coming days.

 

DAILY POST reports that in the past weeks, the price of
petrol has recorded a reduction.

 

Recall that Dangote Refinery and Nigerian National Petroleum
Company Limited last year announced an ex-depot petrol price reduction, which
led to the retail product dropping to between N935 and N965 per litre from
N1040 per litre.

 

Consequently, Nigerians currently buy petrol between N935
and N1,100 per litre nationwide.

 

A rise in petrol prices may directly impact the increase in
the prices of goods and services that are already on the high side, as November
headline and food inflation stand at 34.60 percent and 39.93 percent,
respectively.

Source: Petrol price may rise as crude hits $81 per barrel

 - NigerianEye

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