Fresh petrol price increase looms as crude oil surges above $105, marketers react
Fuel prices in Nigeria are expected to rise again as global crude oil prices remain above $105 per barrel. Industry stakeholders confirm that the ongoing conflict in the Middle East is driving up energy costs, impacting pump prices nationwide.
Why it matters
Rising fuel costs significantly impact the cost of living and economic stability for citizens in Nigeria.
Petroleum products retailers, marketers, depot owners and refiners in Nigeria are weighing a fresh increase in the pump price of Premium Motor Spirit, PMS, as crude oil prices climbed above $105 per barrel on Friday. A crude oil price survey by DAILY POST on Friday showed that Brent crude and West Texas Intermediate (WTI) stood at $105.5 and $100.8 per barrel, respectively. On Thursday, Brent crude hit $107 per barrel before cooling to $105.5 per barrel on Friday. The spike in crude oil prices comes amid retaliatory attacks on tankers by the United States and Iran amid the battle for dominance around the Strait of Hormuz. The six-month-long US-Israel and Iran war has caused a major spike in energy costs across the world, including Nigeria.
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