Crude Oil Prices Near $100/Barrel Spark Petrol Price Hike in Nigeria

The price of crude oil has reached a record high, exceeding $95 per barrel and forcing refiners and fuel marketers to adjust prices. This has led to an increase in petrol depot prices in Nigeria, with some depots raising their prices by up to N65 per litre.

The rise in crude oil prices is due to escalating tensions in the Middle East and growing concerns over supply disruptions and tightening global inventories. The International Energy Agency (IEA) reported that global refinery crude throughputs rose in July but remained nearly 5 million barrels per day below the level recorded a year earlier.

Nigeria's petrol depot prices have hit N1,315 per litre, with some depots increasing their prices to between N1,300 and N1,310 per litre. The increase comes at a sensitive time for Nigeria, where petrol and diesel prices remain highly exposed to international crude and refined-product markets.