Fresh Diesel Price Hike Announced By Depot Owners, Marketers

Depot owners and petroleum marketers have increased the pump price of diesel across Nigeria to ₦1,450 per litre, reversing the short-lived relief enjoyed by consumers as the cost of the product continues to climb.

Industry reports indicate that the price rose from ₦1,410 per litre on Tuesday to ₦1,450 per litre on Wednesday, representing an increase of approximately three per cent within 24 hours.

Market operators attributed the latest adjustment to developments in the international oil market, particularly the sharp rise in global crude oil prices driven by renewed geopolitical tensions in the Middle East. The increase in crude prices prompted Nigerian depot owners and fuel marketers to review diesel prices in line with prevailing international market conditions.

On Wednesday, Brent crude traded at $78.36 per barrel after gaining 5.66 per cent, while West Texas Intermediate (WTI) climbed 5.48 per cent to $74.30 per barrel, reflecting growing concerns over global oil supply.

The surge in crude prices followed renewed hostilities involving the United States and Iran. Reports indicate that the United States carried out another round of airstrikes against Iran, accusing Tehran of attacking commercial vessels in the Strait of Hormuz and breaching an existing ceasefire agreement.

The latest military action has further heightened tensions between both countries, with Washington stating that the strikes were intended to impose significant costs on Iran over alleged attacks on civilian-crewed ships operating along the strategic international waterway.

Meanwhile, United States President Donald Trump declared that the ceasefire with Iran was effectively over after fresh exchanges of fire between American forces and Iran. Speaking following the overnight strikes, Trump also stated at a NATO summit in Ankara that he no longer wished to engage with Tehran, while Iran’s Revolutionary Guards claimed responsibility for targeting U.S. military bases in the Gulf.

The renewed conflict has intensified concerns across global energy markets, contributing to a fresh spike in oil prices and raising fears of further increases in the cost of petroleum products, including diesel, in Nigeria.