Nigeria's Petrol Prices to Rise Further as Crude Hits $107
Nigeria's petrol prices may rise further as international crude oil prices surged to $107 per barrel on Thursday, up from about $100 recorded the previous day.
The latest rally has increased pressure on domestic petrol prices, which have already risen from about N830 per litre before the Middle East crisis to N1,310 or more in some locations.
The Strait of Hormuz, a critical waterway for oil supplies, has seen significant disruptions due to ongoing tensions between the US and Iran. Brent crude rose to $107 per barrel on Thursday as the prolonged military confrontation continued to disrupt oil supplies through the Strait of Hormuz, fuelling concerns about a sustained reduction in global crude availability.
The Dangote Petroleum Refinery and fuel importers are reviewing their pricing due to the sharp increase in international crude prices. Analysts have warned that another increase in petrol prices could be imminent as the absence of a clear path towards de-escalation has forced traders to reassess global crude supply risks.