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Industry experts attribute the increase in Brent crude prices to geopolitical tensions, particularly sanctions on Russian oil exports, supply concerns, and seasonal demand spikes in colder regions.
Naija Newsunderstands that the rise in crude prices, up from $72.88 in December 2024, is expected to impact fuel prices across depots nationwide.
He explained that many Nigerian oil marketers rely heavily on imports, making Brent crude prices a critical determinant in pricing refined products.
It implies that there is a possibility of increased fuel prices, particularly diesel prices,”Jeremiah said..
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