BREAKING: If Brent Crude Increases To About $130,Nigeria May Buy PMS Above ₦1,500 And Diesel Above ₦2000-Alaje

In a recent interview shared by Arise News, Senior Partner at SPM Professionals, Paul Alaje, has warned of potential increases in fuel prices if global oil trends continue upward.

Speaking on the implications of rising crude oil prices, he stated, “If Brent crude increases to about $130, Nigeria should be expected to buy PMS above ₦1,500 and diesel above ₦2,000.” His remarks reflect growing concerns over Nigeria’s vulnerability to fluctuations in the international oil market, despite being a major crude oil producer.

Brent crude serves as a key pricing reference for global oil markets. A significant rise in its value often translates into higher landing costs for refined petroleum products, especially for countries like Nigeria that rely heavily on fuel imports.

Dr. Alaje explained that the country’s dependence on imported refined products continues to expose it to external shocks. He noted that without sufficient domestic refining capacity, increases in global oil prices could directly impact pump prices, placing additional pressure on households and businesses.

Economic analysts have therefore emphasized the urgent need for Nigeria to strengthen its local refining capabilities and reduce reliance on imports to cushion the effects of global oil price volatility.