Nigerian oil marketers have revealed that the cost of Premium Motor Spirit (PMS), commonly referred to as petrol, is anticipated to increase shortly as global crude oil prices climb.
According to reports, Brent crude oil was priced at $81.09 per barrel on Monday, marking a significant rise from $76 per barrel the previous week.
The 2025 budget proposal currently under consideration by the National Assembly had pegged the oil price benchmark at $75 per barrel.
Industry experts attribute the surge in crude oil prices to geopolitical tensions, particularly sanctions imposed on Russian oil exports.
This development is expected to impact not just petrol but other petroleum products as well, such as diesel. In Lagos, the cost of diesel has already risen by N70.
Meanwhile, petrol marketers had recently reduced prices, but with the latest hike in crude oil costs, an upward adjustment in petrol prices appears likely.
At present, petrol is being sold across Nigeria at prices ranging from N935 to N1,100 per litre.
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