Nigeria Faces Petrol Price Hike as Crude Surpasses $100

Oil marketers in Nigeria are poised to raise the pump prices of petroleum products following a surge in international crude oil prices, which have climbed above $100 per barrel. The OPEC Basket, including Nigeria’s Bonny Light, increased from over $95 to above $100, marking a rise of about 5.2%.

Brent crude also rose to $100.60 per barrel, while Murban crude jumped to $118.30 per barrel. This increase has been attributed to escalating tensions in the Middle East and concerns over potential disruptions to global crude oil supplies.

Joseph Ehimen, Chairman of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that price adjustments are likely. Economist Clifford Egbomeade stated that the immediate effects of rising crude prices would lead to higher costs across the economy.

Adetunji Oyebanji, immediate past Managing Director and Chief Executive Officer of 11 Plc, emphasized the need for government measures to alleviate the impact of rising fuel prices, warning that reinstating petrol subsidies could impose a heavy financial burden on the government.