Global crude oil prices rallied sharply on Friday, with both Brent and West Texas Intermediate, WTI, soaring by more than four percent.
Market data showed that Brent crude rose 4.19 per cent to $87.76 per barrel, while WTI crude advanced 4.12 per cent to $82.20 per barrel.
The strong rebound pushed Brent closer to the $90-per-barrel mark, while WTI climbed above the $82 level as tensions intensified in the Middle East, slowing traffic through the Strait of Hormuz.
The latest increase in crude prices could have implications for domestic markets, as higher international oil prices often translate into increased costs for refined petroleum products.
DAILY POST reports that depot owners and petroleum product marketers in Nigeria had already increased prices by between N40 and N120 per litre on Thursday.
Depot owners raised their prices to between N1,175 and N1,220 per litre from around N1,090 per litre last week.
Similarly, petroleum marketers operating in Abuja and its environs have adjusted their petrol price to around N1,220 per litre from as low as N1,170 per litre.
Meanwhile, the Nigerian National Petroleum Company Limited’s retail outlets’ fuel price in Abuja remained unchanged at N1,155 per litre as of the time of filing this report.
Recall that Dangote Refinery resumed sales of refined petroleum products in dollars barely three days ago.
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