Nigeria’s Petrol Price in Danger as Crude Oil Soars to $84/Barrel

Brent, the benchmark for international crude oil, surged to a high of $84 a barrel on Wednesday, signalling a significant increase.
There have been suggestions that Nigeria’s Premium Motor Spirit (PMS), or petrol, pump price, may increase once more in the coming weeks as a result of the increase in oil prices.
Before reaching an extraordinary price high on Wednesday, crude oil has been trading back and forth between $75 and $78 per barrel for more than a month.
The cost of refined petroleum products is significantly influenced by the price of crude oil. This followed previous highs the previous week.
According to reports, oil marketers remarked that the recent spike in the price of crude oil and the rise in exchange rates might potentially explain another increase in the cost of fuel.
Nigerian customers are concerned about the issue since they already cope with the consequences of rising petrol prices on their everyday lives and transportation costs.
Despite the speculations, the Nigerian National Petroleum Company Limited (NNPCL) has continued to hold to its position that PMS should be sold at the market pricing.
NNPCL has been steadfast in its commitment to ensure the supply of petroleum products at the going market rates notwithstanding the challenges brought on by the soaring crude oil prices.
Despite the fact that a number of oil marketers have begun importing petrol into Nigeria, it’s crucial to keep in mind that NNPCL continues to be the nation’s top importer of petrol and its backup supply.
This duty underlines even more how crucial it is for the company to preserve the nation’s petrol supply and price.
Nigerian consumers and businesses are concerned about the recent increase in crude oil prices and the potential rise in petrol costs.
Because the price of fuel directly impacts transportation costs and standard of living expenditures, many people are closely monitoring the situation and any possible consequences on the nation’s economy.
While Brent crude oil prices remain high, it is challenging for the Nigerian government, oil marketers, and Nigerian National Petroleum Company Limited to strike a balance between ensuring a steady supply of fuel and reducing the effects on consumers.
The following weeks will determine how these changes pan out and how they will impact fuel prices in Nigeria going forward.

Source: Allnewsnigeria.com

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