Depot prices of Premium Motor Spirit, PMS, may rise further above N1,290 per litre as Brent crude increased to $95.41 per barrel on Wednesday.
DAILY POST reports that Brent and West Texas Intermediate, WTI crude rose on Wednesday to $95.41 and $90.79 per barrel, respectively, as of the time of filing this report.
The development has heightened fears of a further increase in global energy prices, including in Nigeria.
In the United States, diesel prices rose by 7 percent to $4.71 per gallon as the US President ordered airstrikes on Iran, according to the Financial Times.
In Nigeria, DAILY POST reports that depot owners’ ex-depot fuel prices, which stood between N1,267 and N1,275 per litre, according to Petroleumprice.ng, may soon rise above N1,290 per litre.
A fuel pump price survey by DAILY POST on Wednesday showed that petrol is dispensed by Nigerian filling stations at between N1,310 and N1,345 per litre, while the price may rise above N1,400 per litre.
Amid the price surge, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, have called for government intervention to curtail further petrol price hikes.
On the part of IPMAN, in an interview with DAILY POST on Tuesday, the National President, Abubakar Maigandi, appealed to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices.
Fuel price: Depot petrol cost may increase further in Nigeria as Brent crude surges to $95