Fuel prices are coming under renewed upward pressure as Brent crude approaches $90 per barrel, with Lagos diesel prices already moving higher on Tuesday following a cautious trading session the previous day.
Diesel closed between ₦1,600 and ₦1,700 per litre across Lagos depots on Monday, before some operators temporarily halted sales towards the end of the session as international crude prices strengthened.
Trading resumed on Tuesday with Ibeto quoting diesel at ₦1,700 per litre, while Sahara raised its price to ₦1,800 per litre, according to prices obtained by Petroleumprice.ng.
The latest movement followed a sharp recovery in crude prices as expectations of an early reopening of the Strait of Hormuz weakened. Brent crude rose towards $90 per barrel during Monday’s trading session, increasing uncertainty over the cost of petroleum products and their replacement.
The sales suspension by some depot operators on Monday came as the market reassessed pricing amid the renewed international rally. With transactions now continuing, Tuesday’s quotations provide an early indication of the direction of the diesel market.
The price difference between Ibeto and Sahara also shows that the market has not yet settled at a uniform level. Individual depot prices remain dependent on supply positions, procurement costs and prevailing market conditions.
The Strait of Hormuz remains a key variable for the outlook. Continued restrictions on the major energy route have kept global crude and refined-product markets sensitive to further supply disruptions.
For now, Tuesday’s ₦1,700 to ₦1,800 per litre diesel quotations point to renewed upward pressure in the Lagos depot market.