Crude oil prices surged today Monday 10th March 2025, price increase, coupled with a weakening Nigerian Naira, has driven depot prices for petroleum products to new highs.
The Naira depreciated further, now trading at ₦1,600/$1, intensifying Nigeria’s economic challenges as the country remains heavily dependent on imported refined petroleum products.
Crude Oil Prices Today
As of 1:46 PM WAT on March 10, 2025, Brent crude was actively trading at $70.80 per barrel , reflecting a 6.73% decline since the start of the year. However, this marks a short-term rebound from recent lows, as per Trading Economics data.
Similarly, WTI crude traded at $67.56 per barrel , down 7.53% year-to-date, aligning with X posts from energy traders. These prices remain below the U.S. Energy Information Administration’s (EIA) Q1 2025 forecast of $77 per barrel, highlighting the ongoing volatility in global oil markets.
“The current trading levels reflect a tug-of-war between supply fears and weaker demand signals,” said Dr Adeola Adenikinju, an energy economist at the University of Ibadan. “For Nigeria, every dollar shift in oil prices amplifies the cost of imports.”
Naira’s Slide Drives Depot Price Hikes
The combination of rising crude oil prices and a depreciating Naira has pushed depot prices in Nigeria to ₦1,050 per litre, up from ₦950 per litre in late February, according to oil marketers.
This follows the Nigerian National Petroleum Corporation’s (NNPC) Limited policy shift to Naira-based crude sales to local refineries, including Dangote Refinery. However, the move has not yet led to cost stability.
“With the Naira at ₦1,600/$1, importers face a steeper bill for every barrel,” said Chinedu Okeke, a Lagos-based oil marketer. “Depot prices reflect this, and pump prices could soon exceed ₦1,200 per litre.”
Posts on X from March 6 highlighted growing public concern, as crude oil prices remain below Nigeria’s 2025 budget benchmark of $75 per barrel. This raises fears of potential fiscal deficits.
Depot Price Movement
Depot price data for Friday, March 7, 2025, and Monday, March 10, 2025, indicate the rising trend:
Automotive Gas Oil (AGO) Depot Prices
| Depot | Friday (7/3/2025) | Monday (10/3/2025) |
|---|---|---|
| Emadeb | ₦1,012 | ₦1,035 |
| Ibeto | ₦1,013 | ₦1,035 |
| Menj | ₦1,012 | ₦1,035 |
| Ibachem | ₦1,012 | ₦1,035 |
| Integrated | ₦1,030 | ₦1,040 |
Economic Fallout
Nigeria’s 2025 budget, based on a $75 per barrel benchmark, is now under serious pressure. With Brent crude at $70.80 per barrel and WTI at $67.56 per barrel, the government may struggle to meet its revenue targets.
Production levels also remain below expectations, with Nigeria currently producing 1.3 million barrels per day, against a budgeted 1.8 million bpd. The World Bank’s October 2024 forecast projected Brent averaging $73 per barrel in 2025, but today’s lower prices suggest tougher months ahead.
Future Outlook
Analysts stress the urgent need for structural reforms.
“Nigeria must boost local refining to shield itself from global price swings and forex volatility,” Adenikinju urged.
For now, with Brent at $70.80 and WTI at $67.56, and the Naira weakening, depot price hikes signal tougher times ahead for consumers and businesses alike.
