Oil Price Surge Sparks Fears of Fuel Price Hike in Nigeria

Crude oil prices have surged towards $100 per barrel, sparking fears of another round of pump-price increases in Nigeria.

The Brent crude benchmark traded at $98.05 a barrel on Tuesday, up $2.05 or 2.11 percent from the previous day.

A source close to Dangote Refinery said that the refinery was weighing the effect of higher fuel prices on consumers and their purchasing power before making any adjustment to its gantry price.

The refinery's balancing act between protecting margins and protecting demand has become increasingly difficult with the rapid rise in crude oil prices.