Economy
Fuel prices may rise as crude nears $80/barrel
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The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude.
Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel.
The rise in the cost of the commodity from the $72.88 recorded in December 2024 that fuel prices across Nigerian depots may be impacted.
The increase in Brent price is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports. Supply concerns and seasonal demand fluctuations in colder regions have also contributed to the upward trend.
Sources informed our correspondent that several fuel depots began reporting price increases for diesel on Friday, marking the start of a noticeable rise in fuel costs across various regions.
Analysts also suggested that the Brent crude price surge is a major driver, as many Nigerian depot owners rely on imports to meet diesel demand.
The correlation between crude oil prices and refined products is well-established, as Brent serves as a benchmark for global petroleum product pricing.
With the increase in crude oil costs, importers are likely to adjust their prices to cover higher procurement and shipping costs.
Recall that the Federal Government’s oil price benchmark in the 2025 budget estimates is $75 per barrel.
Price data obtained by our correspondent analysing diesel price movements at the loading depot showed that the Nipco depot in Lagos saw an increase of N70 from N1,050 to N1,120 per litre on Friday.
Prudent depot recorded an increase, closing the week at N1,045, compared to an earlier N1,025 per litre.
Commenting on the development, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products on Monday.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,400 per dollar on Wednesday.
But the naira appreciated to N1,347.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,347.5 per dollar from N1,351 per dollar on Wednesday, indicating N3.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N57.5 per dollar from N49 per dollar on Wednesday.
The interbank turnover at NFEM rose by 0.22 percent to N371.8 million yesterday from N370.98 million the previous day.
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