Fuel price: Depot petrol cost may increase further in Nigeria as Brent crude surges to $95

Depot prices for Premium Motor Spirit, or PMS, in Nigeria could see further hikes, with Brent crude surging to $95.41 per barrel, according to the Daily Post. The rise in Brent and West Texas Intermediate, or WTI, crude prices to $95.41 and $90.79 per barrel, respectively, has heightened concerns about escalating global energy costs.

In the United States, diesel prices have already climbed by 7 percent to $4.71 per gallon following President Biden's decision to launch airstrikes against Iran, as reported by the Financial Times. Currently, depot owners in Nigeria have ex-depot fuel prices ranging between N1,267 and N1,275 per litre, reported by Petroleumprice.ng.

However, a fuel pump price survey conducted by the Daily Post on Wednesday indicates that petrol prices at Nigerian filling stations are currently between N1,310 and N1,345 per litre, and may escalate beyond N1,400 per litre. In response to this price surge, both the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, have urged the government to step in and prevent further increases in petrol prices.

IPMAN's National President, Abubakar Maigandi, spoke to the Daily Post on Tuesday and pleaded with the Federal Government to negotiate a deal with Dangote Refinery to lower fuel costs.