Global crude oil prices climbed sharply on Monday, edging closer to the $110 per barrel mark and setting the stage for another round of price adjustments across Nigeria’s downstream market. The latest rally has intensified pressure on depot operators, many of whom are already reviewing their ex-depot rates in response to rising replacement costs.
As of 6:30 p.m. (WAT), Brent crude rose 2.87 per cent to $108.40 per barrel, while US WTI gained 1.94 per cent to $96.23 per barrel. The jump reflects a market reacting to tightening supply expectations, with traders increasingly unwilling to discount geopolitical risks that could further restrict global crude movement.
For Nigerian marketers, the situation is quickly translating into higher landing costs. With crude benchmarks pushing upward, import parity values are rising at a faster pace than retail pricing can adjust, creating fresh pressure across depot operations and supply planning.
In Lagos, PMS prices moved higher during Monday’s closing trade. Rainoil sold at ₦1,220 per litre, the highest quoted rate for the day, while Techno Oil offered at ₦1,210. Aiteo loaded at ₦1,207, with Gulf Treasure slightly lower at ₦1,205 per litre.
Diesel recorded an even steeper upward adjustment. Swift and Integrated both quoted ₦1,980 per litre, while Duport and Ibachem sold at ₦1,965. Gulf Treasure priced at ₦1,960, a significant jump from Nipco’s earlier ₦1,870 per litre offer.
The sharp spread in diesel prices points to tightening supply and stronger replacement pressure. Several marketers are holding back volumes, while others are adjusting prices in line with rising international benchmarks and replenishment costs.
Market checks by Petroleumprice.ng indicate that stock levels at some depots are thinning, particularly for diesel, a development that could trigger further upward adjustments if crude maintains its current momentum.
With Brent now firmly above $108 and inching towards $110, depot operators are expected to review prices again in the coming days. If the current rally persists, both petrol and diesel could see fresh increases across major supply corridors this week.