Oil Prices Rises Sharply in Global Markets

Global oil prices rose by more than five per cent, reflecting renewed volatility in the energy market.

Brent crude traded at $92.43 per barrel, representing a 5.27 per cent increase, after earlier dropping to around $88 per barrel during the previous trading session.

The rebound followed recent pricing adjustments in Nigeria’s downstream oil market.

The Dangote Petroleum Refinery reduced the price of Premium Motor Spirit (petrol) by ₦100 per litre, bringing the gantry price down to ₦1,075 per litre from ₦1,175 per litre recorded earlier.

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Fuel distributed through coastal supply channels is now priced at ₦1,050 per litre, according to refinery officials.

The refinery’s price adjustment occurred amid continued volatility in global oil markets driven by geopolitical tensions in the Middle East.