Brent crude futures for September settlement rose by $4.44, or 4.4%, to $105.60 a barrel, having gained 2.1% on Friday.
The rising worth of crude oil has made oil entrepreneurs to evaluate their pump worth of petrol upward. Some are promoting at N180, whereas some others are promoting at N200 per litre in Lagos.
Nigeria each day consumption of petrol, has risen from 72.07 million litres a day in December 2021 to 74 million litres per day as on the week ended April 3, 2022.
The 36 states together with the Federal Capital Territory, FCT, acquired a complete of 1.03 billion litres of petrol in 14 days. In the meantime, the common retail worth of petrol elevated to N185.30 in March 2022 indicating a 7.31% Yr-on-Yr (YoY) enhance when in comparison with the worth recorded in March 2021 N172.68.
Nigeria imports 100 per cent of its petrol wants.
The rising worth of crude oil and the next enhance in gas costs has led to hike in transportation price thus inflicting untold hardship on Nigeria with ever rising inflation charge that now stands at 18.6 per cent.
U.S. West Texas Intermediate crude futures for August supply have been up $4.10, or 4.2%, at $101.69 after rising by 1.9% within the earlier session.
Russian gasoline export monopoly Gazprom declared power majeure on gasoline provides to Europe to at the very least one main buyer, in line with the letter seen by Reuters, doubtlessly ratcheting up the continent’s provide crunch.
“Brent crude will discover assist on the finish of the week if Russia doesn’t flip the gasoline again on to Germany after Nord Stream 1 upkeep,” mentioned OANDA senior analyst Jeffrey Halley.