Petrol price risk rises as Brent crude hits $115.18

Nigeria could face another petrol price increase after Brent crude climbed to $115.18 per barrel on Friday, a five-month high. The rally is tied to growing fears of renewed military strikes on Iran and possible disruptions to global oil supplies.

No fresh increase has been announced by refiners or importers. But sustained crude increases usually pressure domestic petrol prices by raising feedstock and refined-product replacement costs.

Crude rally lifts replacement costs

Brent crude reached $115.18 per barrel as Middle East tensions heightened concerns over global oil supplies. For Nigerian marketers, higher crude prices mean higher replacement costs when they buy refined products. Those costs can be passed to consumers if they persist.

Depot price at N1350

Dangote Petroleum Refinery and other depot owners are selling petrol at N1350 at their gantries. That price is already in the market. A further rise in crude costs could add more pressure to domestic petrol prices.

What it means for consumers

The risk is direct for households and businesses that depend on petrol for transport, power and production. Marketers facing higher replacement costs may pass them on, raising the prospect of another petrol price hike. The trigger is international crude, not a new domestic announcement.