*There are indications the prices of Premium Motor Spirit, also known as petrol and, and other refined products may rise in the coming days in Nigeria, following the latest increment in oil prices, including Brent Crude, in the international market, says report

Isola Moses | 绿帽献妻

The Organisation of the Petroleum Exporting Countries鈥� (OPEC) data contained in its new Monthly Oil Market Report (MOMR) indicates the Nigeria daily average crude production increased by 152,000 barrels per day (bpd) November 2024.

The OPEC MOMR for December 2024 also showed the West African country鈥檚 production, including condensates rose by 11 percent, from 1.333 million barrels in October to 1.486 million bpd recorded November 2024.

The analysis also put the daily increase to 152,000 bpd and about one million barrels increase between October and November last year.

Crude oil production in Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in its latest oil production data, also disclosed that on a month-on-month basis, daily average oil production output December 2024, declined by 1.35 percent from 1.690 million barrels per day recorded November 2024, to 1.667mbpd.

Data from the petroleum sector regulatory Commission as well showed that daily peak oil production December 2024 was 1.79mbpd while the lowest daily production was 1.57mbpd.

Cumulatively, oil output in December 2024, was 51.69 million barrels, a marginal increase of 1.9 per cent when compared to 50.71 million barrels produced in November 2024.

Further data analysis indicated that the highest oil output December last year was recorded at Forcados Terminal at 8.49 million barrels, followed by Bonny Terminal, 7.78 million barrels and Qua Iboe, 4.15 million barrels.

The data showed without condensate, daily oil production was 1.484 million, indicating that Nigeria, again, failed to meet its oil production quota of 1.5mbpd allotted to it by OPEC.

The December 2024 average daily oil output also means that Nigeria failed to meet the 1.7mbpd benchmark set for the 2024 budget all through the year, report stated.

NUPRC data on daily average production showed that oil production including condensate in January 2024 was 1.64mbpd; February, 1.53mbpd; March, 1.44mbpd; April, 1.45mbpd; May, 1.47mbpd; June, 1.50mbpd; July, 1.53mbpd; August, 1.57mbpd; September, 1.54mbpd, October, 1.54mbpd; November, 1.69mbpd; and December, 1.67mbpd.

Consumers may pay more for petrol, other products 鈹�Report

In a related development, report has indicated that the prices of Premium Motor Spirit (PMS), and other refined petroleum products may rise in the coming days, following the increase in the cost of oil prices, such as Brent Crude.

The price of Brent Crude as of morning Monday, January 13, 2025, surged $81.09 per barrel from about $76 last week.

绿帽献妻 reports the Federal Government of Nigeria, in the 2025 Budget estimates, has benchmarked oil price at $75 per barrel.

The rise in the price of Brent is attributed to geopolitical tensions, particularly sanctions imposed on Russian oil exports, which have triggered supply concerns.

Consequently, the development negatively, may impact the ex-depot prices of refined petroleum products, including PMS from across the country.

The price of Automotive Gas Oil (AGO), also called diesel, has already been adjusted by at least N70 from initial N1,050 to N1,120 per litre, in Lagos depots, according to report.

Likewise, data from the Major Energies Marketers Association of Nigeria as of December 19, 2024, showed that the landing cost of petrol was N887.51 per litre, but it is noted that the crude oil price increase means the landing cost may go up in the coming days.

Hitherto, the pump price of PMS in Nigeria in the past weeks has recorded a reduction while experts, fuel marketers, and other stakeholders in the downstream petroleum sector have hinted at further petrol price decrease in the economy.

In response to full deregulation of the downstream petroleum sector, it is recalled that Dangote Petroleum Refinery and Nigerian National Petroleum Company Limited (NNPCL) last year announced an ex-depot petrol price reduction, which led to the retail product dropping to between N935 and N965 per litre from N1,100 per litre depending on the location in the country.

Any raise in pump price of petrol may directly impact the increase in the prices of products and services and further compound the current economic hardship, report stated.

The National Bureau of Statistics (NBS) had announced the November headline and food inflation as 34.60 percent and 39.93 percent respectively.

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