N1,000 Per Litre: Experts Predict New Fuel Prices in Nigeria as Crude Oil Hits $76 Per Barrel

• Crude oil prices are on the rise again in the international market after an Israeli airstrike on Iran’s nuclear sites
• On Thursday, June 12, 2024, Brent crude rose to $76.12 per barrel, WTI increased to $74.69, and Murban crude rose to $7570
• Experts have predicted an increase in petrol, diesel and gas prices in Nigeria following the surge in crude prices

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigerians should brace for a potential spike in the price of petroleum products following the surge in crude oil prices.

The international oil market reacted swiftly on Thursday, June 12, 2024, after Israel launched airstrikes on Iran’s nuclear sites.

Crude oil prices rise to a new high

The tension sent Brent price soaring to $76.12 per barrel, representing 9.76%, while West Texas Intermediate rose by 9.77% at $74.69.

Murban crude also spiked in price to $75.70, and gas hit a 1.95% surge, showing widespread market panic. 

The swift increase marks the sharpest rise in a single day since April and is already affecting Nigeria’s downstream sector.

Experts predict new fuel prices in Nigeria

Experts have said that despite being an oil-producing nation, Nigeria relies heavily on imported petroleum products. This means that any rise in global oil prices is directly reflected in local fuel pump prices.

Currently, petrol sells for between N870 and N1,100 per litre in some urban centres, with diesel selling for about N970 to N1,100.

With the spike in crude prices, local marketers say petrol could hit N1,200 per litre in the next few days if the rally continues.

The rise in crude prices also raises issues about Nigeria’s inflation trend, which already stood at 33.88% in April 2025, caused by fuel and transport costs.

A spike in crude oil prices means more expensive logistics, food prices, and power costs, especially for families and businesses depending on diesel and petrol-powered generators.

Nigeria is exposed to global shocks

Petroleumprice reports that the renewed tension exposes Nigeria’s longstanding weakness in the energy supply chain.

Despite being Africa’s largest producer, Nigeria has yet to fully revive its refining facilities to function optimally as the Dangote Refinery continues to rely on imported crude to meet its refining needs.

Reports say the country’s dependence on imports exposes it to external shocks, such as the Middle East crisis.

What Nigerians should expect

Anayo Ezeogu, a journalist and energy policy analyst, said that with the OPEC+ output limit still in force, the market may maintain strong volatility in the short run.

“Should Iran retaliate, oil prices could hit above $80 per barrel in days,” he said.

Reports say that with the rise in crude oil prices, Nigerian consumers should expect rising petrol prices, increased transportation costs, more expensive food and goods, and pressure on small businesses.

Marketers propose new petrol prices

Legit.ng earlier reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has proposed a new PMS price for the Dangote Refinery.

The association said the mega refinery should sell petrol below the current N825 per litre ex-depot price.

IPMAN’s publicity secretary, Chinedu Ukadike, disclosed this recently, stating that the refinery has all the enabling reasons to sell petrol below the current gantry price.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng