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Nigeria Petrol Prices Set to Rise Again Amid Global Crude Surge

Guavy AI Editorial Team
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Oil
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Nigeria's petroleum products retailers and marketers are considering another increase in petrol prices due to rising crude oil costs. The price of Brent crude reached $105.5 per barrel on Friday, up from its previous high of $107 per barrel on Thursday.

The increase has been attributed to retaliatory attacks on tankers by the United States and Iran amid escalating tensions around the strategic Strait of Hormuz.

Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, confirmed that the price hike would affect petrol prices in Nigeria. 'Petroleum products refiners, depot owners, marketers and retailers will increase their prices with the spike in crude oil prices.'

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