Amanze Chinonye
Nigerian depot owners and petroleum marketers have increased the ex-depot price of diesel by 2.8 per cent to ₦1,450 per litre, up from ₦1,410 recorded on Tuesday, following a sharp rise in global crude oil prices, Prime Business Africa reports.
The adjustment, which took effect on Wednesday, came within 24 hours of renewed geopolitical tensions in the Middle East triggering a surge in international oil prices, underscoring the downstream sector’s sensitivity to developments in the global energy market.
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The increase is expected to cascade through the supply chain, potentially raising operating costs for transporters, manufacturers, power producers and other businesses that rely heavily on diesel.
In the international market, Brent crude rose by 5.66 per cent to $78.36 per barrel, while West Texas Intermediate (WTI) gained 5.48 per cent to $74.30 per barrel.
The latest price adjustment reflects the direct impact of global crude price movements on Nigeria’s deregulated downstream petroleum market.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
