Fresh petrol price increase looms as crude oil surges above $105, marketers react

Petroleum products retailers, marketers, depot owners and refiners successful Nigeria are weighing a caller summation successful the pump terms of Premium Motor Spirit, PMS, arsenic crude lipid prices climbed supra $105 per tube on Friday.

A crude lipid terms survey by DAILY POST on Friday showed that Brent crude and West Texas Intermediate (WTI) stood astatine $105.5 and $100.8 per barrel, respectively. On Thursday, Brent crude deed $107 per tube earlier cooling to $105.5 per tube on Friday.

The spike successful crude lipid prices comes amid retaliatory attacks connected tankers by the United States and Iran amid the conflict for dominance astir the Strait of Hormuz.

The six-month-long US-Israel and Iran warfare has caused a large spike successful vigor costs crossed the world, including Nigeria.

Recall that successful the past weeks, depot owners, Dangote Refinery and marketers had each accrued their substance prices connected the backmost of rising planetary crude lipid prices.

DAILY POST reports that Nigerians presently bargain petrol betwixt N1,310 and N1,350 per litre astatine MRS, Nigerian National Petroleum Company Limited (NNPCL), Ranoil, Emedab, Empire Energy, AA Rano, Total and different filling stations successful Abuja.

Howev...