Fuel Prices May Rise as Crude Oil Nears $80/Barrel

•  The price of Brent crude oil has reached $79.76 per barrel, potentially leading to an increase in refined petroleum products.

•  The rise in Brent price is attributed to geopolitical tensions, supply concerns, and seasonal demand fluctuations.

•  Fuel depots in Nigeria may increase prices, with some already reporting price increases for diesel.

The price of refined petroleum products may increase in the coming days as the cost of Brent crude oil, the global benchmark, has reached $79.76 per barrel.

According to oil and gas expert Olatide Jeremiah, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.”

The rise in Brent price is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports, as well as supply concerns and seasonal demand fluctuations in colder regions.

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This increase may impact fuel prices across Nigerian depots, with some already reporting price increases for diesel.

“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process,” Jeremiah added.

Global Food prices decline by 2.1 percent in 2024 – FAO

The United Nations Food and Agriculture Organization (FAO) has announced a 2.1 percent decline in global food commodity prices in 2024, compared to year 2023.

However, this decrease is tempered by the fact that food prices is higher – approximately 26 percent – than they were five years ago, before the COVID-19 pandemic.

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