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

Petroleum marketers, depot owners and refiners are weighing a fresh increase in the pump price of Premium Motor Spirit (PMS) as crude oil prices climbed above $105 per barrel on Friday, according to Daily Post.

A survey by the publication showed Brent crude at $105.5 and West Texas Intermediate at $100.8 per barrel, with Brent having hit $107 on Thursday before cooling slightly.

The spike follows retaliatory attacks on tankers by the United States and Iran amid the ongoing battle for dominance around the Strait of Hormuz.

National President of PETROAN, Billy Gillis-Harry, confirmed to Daily Post that refiners, depot owners and retailers would soon raise prices nationwide, adding that the trend mirrors recent increases by Dangote Refinery and other marketers.

Nigerians currently pay between N1,310 and N1,350 per litre in Abuja.