Nigerian petroleum product traders, marketers, depot owners and refiners are considering another petrol price hike as crude oil prices climb above $105 per barrel.
According to source’s survey of crude oil prices on Friday, West Texas Intermediate (WTI) and Brent crude traded at $105.5 and $100.8 per barrel, respectively. Brent crude had reached $107 per barrel on Thursday before falling to $105.5 per barrel on Friday.
The United States and Iran have launched retaliatory strikes on tankers amid their struggle for control near the Strait of Hormuz, pushing crude oil prices higher.
The six-month conflict involving the United States, Israel and Iran has also driven up energy prices worldwide, including in Nigeria.
Recall that rising global crude oil prices have prompted depot owners, Dangote Refinery and marketers to increase fuel prices in recent weeks.
According to DAILY POST, filling stations operated by MRS, Nigerian National Petroleum Company Limited (NNPCL), Ranoil, Emedab, Empire Energy, AA Rano, Total and others in Abuja currently sell petrol for between N1,310 and N1,350 per litre.
However, the latest rise in crude oil prices above $105 per barrel could trigger another petrol price hike across the nation.
At the time of filing this report, checks on PetroleumPrice.ng showed that Dangote Refinery’s gantry and ex-depot prices ranged between N1,265 and N1,275 per litre.
Read Also: Oil Prices Hit $100 as US-Iran War Threatens Global Crude Supply
Marketers react
Responding to the development, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed exclusively to DAILY POST that petrol pump prices would soon rise nationwide in response to the increase in crude oil prices.
“Petroleum products refiners, depot owners, marketers and retailers will increase their prices with the spike in crude oil prices,” he said. DAILY POST.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has also urged its members to buy petroleum products from nearby refineries to increase supply and stabilise prices.
IPMAN’s national president, Abubakar Shettima requested that the federal government discourage petroleum imports in a statement released in Abuja on Thursday.
He said greater reliance on domestic refineries would reduce costly freight and port charges, create jobs locally and provide the fastest route to achieving national energy independence.
“As an association that controls over 80 percent of Nigeria’s downstream petroleum retail infrastructure, operating more than 150,000 retail outlets across the nation, we recognise the strategic importance of this development,” Shettima said.
