Nigerian Petrol Prices Surge Amid Crude Oil Price Hikes and Strait of Hormuz Disruptions
The price of petrol in Nigeria has increased due to higher global crude oil prices and disruptions to shipping through the Strait of Hormuz. Brent crude is currently trading at $88.04 per barrel, up 0.36%, while West Texas Intermediate (WTI) rose 0.45% to $82.50.
The Strait of Hormuz disruption has affected tanker availability, freight costs, and energy inventories, with the recovery of physical shipping flows remaining a major concern for the market. Experts warn that Nigerians could face further increases in petrol prices if tensions around the Strait persist.
Nigerian depot operators have raised their rates by nearly 3%, with Soroman increasing its petrol price by N50 to N1,250 per litre and Liquid Bulk by N35 to N1,225 per litre. Filling stations could face fresh pressure from these rising costs if crude oil remains elevated.