Crude hits $107, fresh petrol price hike looms

Crude oil prices in Nigeria have soared past $107 per barrel, prompting speculation of another petrol price hike. The recent surge in international crude costs has put added pressure on domestic petrol prices, which have already climbed from around N830 per litre to N1,310 or more in certain regions. Before the Middle East crisis began on February 28, crude oil was trading below $69 per barrel.

The recent disruption to global oil supplies has driven up international prices sharply, prompting fuel importers and marketers to adjust their pricing. With Brent crude now trading above $107 per barrel and the ongoing US-Iran conflict continuing to disrupt tanker movements through the Strait of Hormuz, industry watchers warn that another petrol price increase may be imminent.

Analysts note that the prolonged military confrontation between the US and Iran has raised concerns over a sustained reduction in global crude availability, prompting global markets to reassess the risks to oil supply.