Crude Oil Surge Fuels Speculations of Impending Petrol

Crude Oil Surge Fuels Speculations of Impending Petrol Price Hike in Nigeria

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Brent Crude Hits $84/Barrel

The international benchmark for crude oil, Brent, reached a significant milestone of $84 per barrel on Wednesday, signaling a surge in global oil prices.

Speculations of Petrol Price Increase

The rise in crude oil prices has sparked speculations that Nigeria may witness another hike in the pump price of Premium Motor Spirit (petrol) in the coming weeks.

Downstream Oil Sector Deregulation

Since President Bola Tinubu’s announcement to halt fuel subsidies on May 29, 2023, Nigeria’s downstream oil sector became fully deregulated. This led to a sharp increase in petrol prices, from N198 per liter in May to over N600 per liter in July.

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