Petrol prices may rise as crude oil costs surge
Oil marketers are warning that Nigerians could soon face higher petrol and diesel prices. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, says the spike in global crude oil prices is likely to push up the cost of refined products. Instability in oil-producing countries like Iran and Venezuela, as well as market disruptions, are driving prices higher. The landing cost of imported petrol remains above the ex-depot price, raising concerns for consumers.
TLDR
- Crude oil prices crossed $66 per barrel, leading to fears of higher petrol and diesel prices.
- Instability in Iran and Venezuela, and actions by the United States, are contributing to rising crude prices.
- Oil marketers warn that if crude hits $80 per barrel, pump prices for refined products will increase further.
- The landing cost of imported petrol is higher than the ex-depot price from Dangote Petroleum Refinery.
- Billy Gillis-Harry urges the government to revamp Nigeria’s refineries to help stabilize the sector.
