Again, petrol price hike looms after crude hits $115

International crude oil prices have surged to $115.18 per barrel, potentially triggering another increase in petrol prices in Nigeria. Brent crude, the international benchmark, climbed 1.8 percent to this high amid growing fears of renewed military strikes on Iran and disruptions to global oil supplies. This follows a five-month peak, driven by apprehensions over potential US military action against Iran and attacks on energy infrastructure and shipping routes in the Middle East.

The price rise comes as Nigerian consumers struggle with elevated petrol prices, which have added to inflationary pressures and heightened the cost of living. While no fresh increase has been announced by refiners or importers, sustained international crude price hikes typically put additional pressure on domestic petrol prices by raising feedstock and refined-product replacement costs.