Crude surges past $100/barrel: Marketers to adjust petrol prices as Nigerians brace for impact

Oil marketers are set to raise pump prices of petroleum products in Nigeria after international crude benchmarks surged past $100 per barrel, according to a report by Vanguard.

The OPEC Basket, which includes Nigeria’s Bonny Light, rose from over $95 to above $100 per barrel, a 5.2 per cent increase, while Brent crude hit $100.60 and Murban crude climbed 6.83 per cent to $118.30, driven by escalating Middle East tensions.

Lagos State Chairman of PETROAN, Joseph Ehimen, confirmed marketers would adjust prices after their next purchases based on market forces and logistics costs.

However, OPEC data showed Nigeria’s crude output fell to 1.44 million barrels per day in July, below its 1.50 million bpd target, limiting the country’s ability to maximise forex gains from higher prices.

Economists warned of a looming cost shock affecting diesel, transport and freight, while urging the Federal Government to avoid reinstating a broad fuel subsidy and instead strengthen domestic refining and forex liquidity.

Despite the crude rally, Lagos petrol prices remained largely between N1,266 and N1,300 per litre as of Wednesday.