Again, petrol price hike looms after crude hits $115

The recent surge in international crude oil prices may prompt another increase in petrol prices in Nigeria, according to recent reports. Brent crude oil prices reached $115.18 per barrel on Friday, marking a five-month high, due to apprehensions of renewed Middle East military actions and potential disruptions to global oil supplies.

This price rise coincides with the Dangote Petroleum Refinery and other depot owners selling petrol at N1350 per litre. Sustained increases in international crude prices typically heighten feedstock and refined-product replacement costs, potentially passing these expenses onto consumers in Nigeria. Although no fresh increase has been declared by refiners or importers, analysts warn that the rising international crude prices could further pressure domestic petrol prices.