Nigerians face fresh petrol price increase as crude oil hits $115

Nigerians may face another petrol price increase as global crude oil prices surged to $115.18 per barrel on Friday amid escalating tensions in the Middle East.

According to The Punch, Brent crude climbed 1.8 percent to $115.18, while United States West Texas Intermediate rose two percent to $101.56 per barrel.

The increase followed fears of renewed American military strikes on Iran and attacks on energy infrastructure in Saudi Arabia.

The development comes as Dangote Petroleum Refinery and other depot operators sell petrol at approximately ₦1,350 per litre.

Industry observers warned that sustained increases in crude prices could raise refining and importation costs, potentially forcing marketers to increase petrol prices.

However, no fresh price adjustment has been announced by refiners or importers.

The oil market remains unsettled by concerns over disruptions to shipping through the Strait of Hormuz.

A further petrol price increase could worsen transportation costs, inflationary pressures and financial hardship for Nigerian households and businesses.