Petroleum products retailers, marketers, depot owners and refiners in Nigeria are weighing a fresh increase in the pump price of Premium Motor Spirit, PMS, as crude oil prices climbed above $105 per barrel on Friday.
A crude oil price survey by DAILY POST on Friday showed that Brent crude and West Texas Intermediate (WTI) stood at $105.5 and $100.8 per barrel, respectively. On Thursday, Brent crude hit $107 per barrel before cooling to $105.5 per barrel on Friday.
The spike in crude oil prices comes amid retaliatory attacks on tankers by the United States and Iran amid the battle for dominance around the Strait of Hormuz.
The six-month-long US-Israel and Iran war has caused a major spike in energy costs across the world, including Nigeria.
However, with the latest spike in crude oil prices to above $105 per barrel, fuel pump prices could shoot up again.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, confirmed exclusively to newsmen that fuel pump prices would soon increase nationwide following the spike in crude oil prices.
