Nigeria Faces Rising Petrol Prices as Brent Crude Surges

Petrol prices in Nigeria have surged following Brent crude oil crossing $95 per barrel, influenced by military escalations around the Strait of Hormuz. The Petroleum Refinery raised its Premium Motor Spirit price to N1,265 per litre on August 29, marking the third increase in nine days.

The price had previously risen from N1,165 to N1,185 on August 20, and then to N1,200 on August 25, totaling a N100 increase during this period. Independent petroleum marketers in Lagos, Calabar, and Warri are quoting wholesale prices between N1,290 and N1,400 per litre, while retail prices in Kaduna have exceeded N1,330 per litre.

The Nigerian National Petroleum Company Limited has also adjusted prices at its retail stations, with prices at N1,299 per litre in Ikeja and up to N1,345 per litre in parts of Abuja. Analysts warn that prices may continue to rise if Brent crude remains high, as imported fuel constituted over 40% of Nigeria's petrol supply in July.