In the past two days, global crude oil prices have climbed sharply, with Brent crude surging from $69.24 to $72.63, nearing the $73 per barrel threshold. This sharp 3% rally signals fresh volatility in the market and is already triggering price reactions across Nigeria’s downstream petroleum value chain.
Washington’s move to expand restrictions on Russian crude exports fuels the price surge, intensifying tariff tensions between the United States and Russia. Added to this is OPEC+’s Monday decision to maintain its current production quota, refusing to raise output beyond existing levels of approximately 500,000 barrels per day. These two developments have further squeezed global supply expectations.
Depot Prices React to Brent Rally
Although Monday’s uptick was moderate about 2% by contrast, Tuesday’s continued rise quickly prompted visible adjustments in ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) across key Nigerian depots.
According to the Daily Oil and Gas Market Intelligence Report of July 29, the following six depots have begun pricing in the crude oil surge:
PMS (Petrol)
- Dangote – ₦820.5
- NIPCO – ₦818
- AITEO – ₦815
- RAIN OIL – ₦820
- MENJ – ₦815
- SAHARA – ₦815
AGO (Diesel)
- Dangote – ₦994
- NIPCO – ₦1010
- MENJ – ₦1004
- PRUDENT – ₦1000
- TAURUS – ₦1020
- SAHARA – ₦1030
These current prices show a slight but clear shift upward from Monday’s levels, indicating that marketers are reacting to the global rally.
Insiders Confirm Depot Prices Will Climb
A downstream trader told our correspondent anonymously:
“With Brent now at $73, depot prices are sure to rise. The signs are already visible. We expect the adjustments to become more aggressive by mid-week.”
Fuel Price Hike Imminent
With Brent crude nearing $73, the cost pressure across Nigeria’s downstream segment is mounting. If the rally holds, further upward adjustments in depot and possibly pump prices are expected — with traders already bracing for mid-week reviews.