The sharp rise in international crude oil prices could trigger another increase in petrol prices in Nigeria, with Brent crude climbing to $115.18 per barrel on Friday amid growing fears of renewed military strikes on Iran and further disruptions to global oil supplies.
The latest rally in crude prices comes as Dangote Petroleum Refinery and other depot owners sell petrol at N1350 at their gantries.
A further increase in the cost of crude could put additional pressure on domestic petrol prices, with marketers facing higher replacement costs and the possibility of passing the increases on to consumers.
According to Oilprice.com, Brent crude climbed to a five-month high on Friday as escalating tensions in the Middle East heightened concerns over global oil supplies, raising the prospect of another increase in petrol prices in Nigeria.
The international benchmark rose by 1.8 per cent to $115.18 per barrel, while United States West Texas Intermediate crude futures gained two per cent to $101.56 per barrel, amid growing expectations that Washington could resume military strikes on Iran in the coming weeks.
The rally comes as Nigerian consumers continue to grapple with elevated petrol prices, which affected inflationary pressure and heightened the cost of living.
