Lagos/Abuja — Nigerians face the prospect of another hike in the pump price of petrol as global crude oil prices climbed above $105 per barrel on Friday, prompting petroleum marketers and retailers to signal imminent adjustments.
A survey of international oil markets on Friday showed Brent crude trading at about $105.5 per barrel and West Texas Intermediate (WTI) at $100.8 per barrel. On Thursday, Brent had surged to as high as $107 per barrel before easing slightly.
The sharp rise comes amid escalating retaliatory attacks on oil tankers by the United States and Iran in the ongoing conflict centred around the Strait of Hormuz. The prolonged US-Israel and Iran hostilities have driven major spikes in global energy costs over the past six months, with knock-on effects felt across importing nations including Nigeria.
In recent weeks, depot operators, the Dangote Petroleum Refinery and marketers had already raised fuel prices in response to earlier increases in international crude benchmarks. Currently, petrol is selling for between ₦1,310 and ₦1,350 per litre at major outlets in Abuja, including MRS, Nigerian National Petroleum Company Limited (NNPCL), Ranoil, Emedab, Empire Energy, AA Rano and Total stations.
Industry operators warn that the latest crude oil surge above $105 could push pump prices higher still.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that an increase is expected nationwide. “Petroleum products refiners, depot owners, marketers and retailers will increase their prices with the spike in crude oil prices,” he told reporters.
Checks on market platforms showed that as of Friday, the gantry price at Dangote Refinery and other ex-depot rates remained in the range of ₦1,265 to ₦1,275 per litre. However, the estimated landing cost of imported Premium Motor Spirit (PMS) has risen above these levels in recent days, creating pressure on operators to adjust prices to reflect replacement costs.
Petroleum marketers have repeatedly noted that under the fully deregulated downstream sector, pump prices are determined by market forces, including international crude prices, exchange rates and logistics costs. The latest crude rally has therefore raised fresh concerns about higher transportation, business and household expenses, as well as potential inflationary pressures.
Analysts and industry sources say the trajectory of prices in the coming days will depend on whether crude oil remains elevated and how quickly refiners and importers pass on the higher costs. For now, consumers are bracing for another round of increases at the pump.
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