Petrol prices in Nigeria could face further increases following a sharp rise in international crude oil prices, with Brent crude climbing to $115.18 per barrel on Friday amid escalating tensions in the Middle East.
The rally has raised concerns about global oil supplies, particularly amid fears of renewed United States military strikes on Iran and attacks on energy infrastructure and shipping routes across the region.
Brent crude rose by 1.8 per cent to $115.18 per barrel, while US West Texas Intermediate futures gained two per cent to $101.56. Brent was heading for a weekly gain of about five per cent, potentially extending its winning streak to three consecutive weeks.
The development comes as Dangote Petroleum Refinery and other depot operators sell petrol at ₦1,350 per litre at their gantries, following Dangote Refinery’s September 12 price adjustment from ₦1,265.
Although no fresh petrol price increase has been announced, sustained increases in crude oil prices could raise the cost of supplying refined products, putting pressure on domestic fuel prices.
Market concerns have intensified following reports of attacks in Saudi Arabia, including a drone strike on the Shaybah oil field, and heightened security concerns surrounding regional energy infrastructure.
The Strait of Hormuz, a critical route for global oil shipments, remains a major concern because further disruptions could tighten supplies and increase shipping, freight and insurance costs.
For Nigerian consumers, another petrol price increase could worsen transport costs, raise the prices of goods and services, and intensify existing cost-of-living pressures.
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