LAGOS, Nigeria — Nigerian consumers and businesses face the threat of a fresh increase in premium motor spirit (PMS) pump prices as international crude oil benchmarks climbed sharply to over $115 per barrel.
The price of Brent crude rose to $115.18 per barrel, driven primarily by escalating geopolitical tensions in the Middle East and concerns over potential supply chain disruptions in key oil-producing corridors.
Because domestic refined fuel prices remain closely linked to global crude oil trends and landing costs, local energy analysts warn that local refiners and depot operators—including the Dangote Petroleum Refinery, which currently dispatches petrol at about ₦1,350 per litre at gantries—may adjust market wholesale prices upward to reflect the rising cost of raw crude inputs.
The anticipated surge in pump prices comes at a time when households and businesses are already navigating high transportation costs, general inflation, and elevated living expenses.
”The sharp rise in international crude oil prices could trigger another increase in petrol prices in Nigeria, with Brent crude climbing to $115.18 per barrel on Friday amid growing fears of renewed military strikes on Iran and further disruptions to global oil supplies,” industry monitor reports noted.
Economic experts warn that any further increase in pump prices could ripple across the supply chain, pushing up logistics, food production, and commuter transport fares nationwide.
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