Petrol price hike looms as crude tops $105, marketers confirm increase
Petrol retailers and marketers confirm a fresh pump price increase for Premium Motor Spirit as Brent crude rose to $105.5 per barrel and WTI to $100.8 on Friday. Currently, Nigerians buy petrol between ₦1,310 and ₦1,350 per litre at major stations including MRS, NNPCL, Ranoil, Emedab, Empire Energy, AA Rano, and Total in Abuja. The gantry price from Dangote Refinery and ex-depot rates sits between ₦1,265 and ₦1,275 per litre.
PETROAN National President Billy Gillis-Harry told DAILY POST that refiners, depot owners, marketers and retailers will raise prices nationwide following the crude spike, which is linked to US-Iran tensions over the Strait of Hormuz. No exact new price or date was given, but the increase is expected soon as marketers react to higher import costs.
With fuel already a major household expense, the looming hike will raise transportation costs and push up prices of goods and services. Will you adjust your budget to absorb the higher fuel cost, seek cheaper transport options, or reduce non-essential travel?