On Friday, Brent crude and West Texas Intermediate (WTI) surged to $105.5 and $100.8 per barrel, respectively.
Brent crude had hit $107 per barrel on Thursday before cooling to $105.5 per barrel on Friday.
The surge in crude oil prices is spurred by retaliatory attacks on tankers by the United States and Iran as the battle for control of the Strait of Hormuz intensifies.
The six-month-long US-Israel and Iran war has caused a major spike in energy costs across the world, including Nigeria, which engender cost of living crisis.
What Nigerians should expect
As crude oil prices climbed above $105 per barrel on Friday, Nigerians are facing the possibility of another fuel price increase, which will further strain their overstretched finances and put more pressure on the struggling economy.
Petroleum products retailers, marketers, depot owners and refiners in Nigeria are already facing a fresh increase in the pump price of Premium Motor Spirit, PMS, with the latest surge in crude oil prices.
Recall that in the past weeks, depot owners, Dangote Refinery and marketers had all raised their fuel prices on the back of rising global crude oil prices.
According to a survey, Nigerians currently buy petrol between N1,310 and N1,350 per litre at MRS, Nigerian National Petroleum Company Limited (NNPCL), Ranoil, Emedab, Empire Energy, AA Rano, Total and other filling stations in Abuja.
However, with the latest spike in crude oil prices to above $105 per barrel, fuel pump prices could shoot up again.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, confirmed exclusively to DAILY POST that fuel pump prices would soon increase nationwide following the spike in crude oil prices.
“Petroleum products refiners, depot owners, marketers and retailers will increase their prices with the spike in crude oil prices,” he told DAILY POST.
Meanwhile, checks on PetroleumPrice.ng at the time of filing this report showed that the gantry price of Dangote Refinery and ex-depot prices stood between N1,265 and N1,275 per litre
