By Joy Yesufu
Petrol prices may witness another increase across Nigeria following a surge in international crude oil prices above $105 per barrel.
The National President of the Petroleum Products Retail Outlets Association of Nigeria (PETROAN), Billy Gillis-Harry, confirmed the likelihood of a fresh increase, attributing it to the rise in global crude oil prices.
“Petroleum products refiners, depot owners, marketers and retailers will increase their prices with the spike in crude oil prices,” Gillis-Harry said.
A survey of the international oil market on Friday showed Brent crude trading at about $105.50 per barrel, while West Texas Intermediate (WTI) stood at approximately $100.80 per barrel. Brent crude had risen to about $107 per barrel on Thursday before easing slightly on Friday.
The development comes amid heightened geopolitical tensions around the Strait of Hormuz, a key global oil-shipping route, with attacks involving tankers adding to concerns over disruptions to crude supplies.
The rise in global oil prices has raised fresh concerns over the cost of refined petroleum products in Nigeria, which remains heavily influenced by international crude prices despite increased domestic refining capacity.
In recent weeks, depot owners, refiners and petroleum marketers have adjusted their prices in response to movements in the international oil market.
Motorists in Abuja currently pay between N1,310 and N1,350 per litre at various filling stations, including MRS, the Nigerian National Petroleum Company Limited (NNPCL), Ranoil, Emedab, Empire Energy, AA Rano and Total, according to market checks cited in the report.
With crude oil prices now above $105 per barrel, industry operators are warning that the cost of petrol could rise further if the upward trend persists.
Meanwhile, checks on PetroleumPrice.ng showed that the gantry price of Dangote Refinery and ex-depot prices were between N1,265 and N1,275 per litre at the time of filing the report.
Industry analysts say any sustained rise in crude oil prices could increase the cost of refined products and place further pressure on petrol prices, particularly if the naira-dollar exchange rate and other landing or distribution costs also move adversely.
For consumers, another increase in petrol prices could trigger fresh pressure on transportation costs and the prices of goods and services nationwide.
