Diesel Price Rises to ₦1,450/Litre as Nigerian Depot Owners React to Global Crude Oil Surge
Nigeria’s diesel market has recorded another price increase after depot owners and petroleum marketers raised the ex-depot price of Automotive Gas Oil (AGO) by approximately 3 percent in response to rising global crude oil prices.
The latest adjustment pushed the ex-depot price from ₦1,410 per litre on Tuesday to ₦1,450 per litre on Wednesday, representing a ₦40 increase within just 24 hours. The development reflects the sensitivity of Nigeria’s downstream petroleum sector to fluctuations in the international oil market.
Industry players attributed the price hike to the recent surge in global crude oil prices, which has been driven by renewed geopolitical tensions in the Middle East. The uncertainty surrounding global oil supply has continued to place upward pressure on energy prices, forcing marketers to adjust domestic diesel prices accordingly.
The rapid increase is expected to have ripple effects across several sectors of the Nigerian economy, as diesel remains the primary fuel for transportation, manufacturing, telecommunications, construction, and power generation. Businesses that rely heavily on diesel-powered generators may also experience higher operating costs, with consumers potentially facing increased prices for goods and services.
On the international market, Brent crude climbed to $78.36 per barrel, recording a 5.66 percent gain, while West Texas Intermediate (WTI) crude rose to $74.30 per barrel, reflecting a 5.48 percent increase.
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Market analysts say the latest diesel price adjustment demonstrates how closely Nigeria’s petroleum pricing responds to developments in the global energy market. They note that continued volatility in international crude prices could lead to further changes in domestic fuel prices if geopolitical tensions persist.
