Nigeria’s fuel price to rise further as oil hits $95.70 per barrel

Nigerians have been told to by oil marketers to expect another hike in the price of petrol in Africa’s most populous nation.

This is as a result of the rise in the cost of crude oil, coupled with the depreciation of the naira against the US dollar.

Oil marketers explained that the cost of crude oil and the exchange rate of the dollar accounted for over 80 per cent of the cost of petrol.

Brent crude, the global benchmark for oil, rose to $94/barrel on Sunday, the highest figure in 2023.

Oil had started the year at about $82/barrel, dipped to $70/barrel in June, but traded above $92/barrel in the past week.

Although the Federal Government and its Nigerian National Petroleum Company Limited had insisted that subsidy on petrol had ended, following the deregulation of the downstream oil sector, operators insisted on Sunday that the government was implementing quasi-subsidy.

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