The impact of the conflict in the Middle East is already being felt in Nigeria, as major oil retailers have begun raising the pump price of fuel in response to soaring crude oil prices on the international market.
Within Nigeria had on Sunday reported that the outbreak of War between Iran and Israel could lead to a surge in oil prices which could further burden struggling Nigerians who are already grappling with inflation occasioned by the removal of subsidies on petrol.
Before the conflicts, Brent crude, the global oil benchmark, closed at $72.87 per barrel on Friday. By Saturday, after the attacks, the oil price spiked by more than 3.66%, trading at $73 per barrel. On Monday oil prices soared to $80 with the possibility of further increase should the war.
In response to the increase in global oil prices, Nigerian National Petroleum Company Limited and other filling stations have raised the pump price of their Premium Motor Spirit, popularly known as petrol.
NNPCL outlets in Abuja have done an upward review of their price with petrol now selling for r N960 per liter, up from N875 sold on Monday. The outlet hiked its pump price by N85 per litre
According to Daily Post, the new price has taken effect at NNPCL filling stations on Kubwa Expressway, in Gwarimpa, in Wuse Zone 6, in Zone 4, and in other outlets. Filling stations like Empire and Ranoil Sharon have also reportedly raised their fuel pump price to between N980 and N960 per litre
MRS, which is one of the retailers that sell and dispense Dangote refinery petroleum products, are expected to raise pump price at its filling stations after Dangote Refinery raised gantry price N874 on Monday over an increase in global oil price, due to hostilities in the Middle East.
It is also gathered that both the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria had confirmed that fuel prices would go up from Tuesday.
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