On Friday, crude oil prices experienced a significant surge, with both Brent and West Texas Intermediate (WTI) gaining more than four percent. Market figures indicated that Brent crude climbed 4.19 percent to $87.76 per barrel, while WTI saw a 4.12 percent increase to $82.20 per barrel. This upward momentum brought Brent toward the $90 threshold and pushed WTI past $82, fueled by escalating conflicts in the Middle East that are disrupting transit through the Strait of Hormuz.
These international price hikes are likely to impact domestic fuel costs, as global trends typically influence local petroleum prices. Just before this international shift, Nigerian depot operators and marketers increased local rates by N40 to N120 per litre. Depot prices rose to a range of N1,175 to N1,220 per litre, up from approximately N1,090 the previous week. In the Abuja region, retailers have similarly lifted prices to around N1,220 per litre.
As of this reporting, the Nigerian National Petroleum Company Limited kept its retail prices in Abuja steady at N1,155 per litre. This market activity follows the recent resumption of product sales in dollars by the Dangote Refinery.
