By: Bayero Ade
Nigerian oil marketers have warned that the cost of Premium Motor Spirit (PMS), commonly known as petrol, is likely to increase soon as global crude oil prices continue to rise.
According to Afripost, Brent crude oil was priced at $81.09 per barrel on Monday, a notable increase from the $76 per barrel recorded the previous week.
The 2025 budget proposal, currently being reviewed by the National Assembly, had set the oil price benchmark at $75 per barrel.
Industry experts point to geopolitical tensions, particularly sanctions on Russian oil exports, as the main drivers of the surge in crude oil prices.
This rise is expected to affect not only petrol but also other petroleum products, such as diesel, which has already seen a price increase of N70 per litre in Lagos.
Though petrol marketers had recently reduced prices, the latest spike in crude oil costs suggests that an upward adjustment in petrol prices is imminent.
Currently, petrol prices in Nigeria range from N935 to N1,100 per litre.
Leave a Reply