RismadarVoice Reporters
September 10, 2026
A Petroleum and Energy Marketing Expert, Dr Joseph Obele, has urged the Federal Government to take urgent steps to mitigate the impact of the recent rise in international crude oil prices above $100 per barrel.
Obele, a lecturer in Marketing and Petroleum Economics and National Public Relations Officer of PETROAN, said the increase could provide additional revenue for Nigeria but also worsen economic pressures on citizens.
Rismadarvoice reporter gathered that Obele said Brent crude settled at $101.21 per barrel on Wednesday, September 9, 2026, while West Texas Intermediate (WTI) closed at $96.05.
He attributed the surge largely to geopolitical tensions and concerns over possible disruptions to global oil supplies.
According to him, Nigeria could benefit from higher crude prices through increased government revenue if oil production is sustained and leakages are reduced.
However, he warned that higher international prices could also increase the cost of petroleum products, including PMS and AGO, with possible effects on transportation, logistics and production costs.
He said the development could further fuel inflation and increase the cost of living for Nigerians.
Obele called on the Federal Government to channel any additional oil revenue towards measures that would cushion the impact of rising energy costs on citizens.
He recommended increased crude oil production, intensified efforts against crude theft and production losses, expansion of domestic refining capacity, and investment in critical infrastructure and productive sectors.
The petroleum expert also advocated targeted support for vulnerable households and businesses, greater transparency in petroleum pricing and stronger strategic petroleum reserves.
Obele stressed that the real measure of effective leadership should not be how much revenue government generates from high crude oil prices, but how well such revenue is converted into improved welfare, infrastructure and economic opportunities for Nigerians.
