Oil Marketers to Adjust Prices as Crude Surges Past $100 Per Barrel

Nigeria's oil marketers are preparing to adjust pump prices upwards as international crude benchmarks rose above $100 per barrel, increasing the cost of crude and potentially putting fresh pressure on domestic petroleum-product prices.

The OPEC Basket, which includes Nigeria's Bonny Light, rose by about 5.2% from over $95 per barrel, while Brent crude stood at $100.60 per barrel and Murban crude climbed 6.83% to $118.30 per barrel, according to Oilprice.com data.

Joseph Ehimen, the Lagos State Chairman of PETROAN, said: “Certainly, we are going to adjust the pump prices after our next purchases. It will be based on market forces, factoring in all cost elements, including logistics to filling stations.”

Economist and communications expert Clifford Egbomeade warned that higher crude prices would raise the cost of diesel, transport, freight and other energy-intensive inputs, putting pressure on business margins and household incomes.