UPDATE: PETROL PRICE COULD HIT N1,000/LITRE AS GLOBAL CRUDE SOARS — MARKETERS

PETROL PRICE COULD HIT N1,000/LITRE AS GLOBAL CRUDE SOARS PAST $70


Nigerian fuel marketers have warned that petrol prices may rise to N1,000 per litre if global crude oil prices continue their upward trend, recently crossing the $70 per barrel mark.

Industry sources said that the increase in international crude costs could have a direct impact on domestic fuel prices, given Nigeria’s dependence on imported refined petroleum products. Marketers highlighted that rising logistical costs and currency fluctuations may further intensify the potential hike.

Speaking on the issue, a spokesperson for the Petroleum Marketers Association of Nigeria (PMAN) noted that the increase is not yet official but warned that consumers should prepare for a possible adjustment. “The global oil market is volatile. With crude trading above $70 per barrel, it is likely that the pump price may exceed current levels,” the spokesperson said.

Economists have also cautioned that a sustained increase in petrol prices could affect transport costs, inflation, and the general cost of goods and services across the country. Consumers may face higher commuting expenses, while businesses could experience increased operational costs.

Government agencies, including the Nigerian National Petroleum Corporation (NNPC), are reportedly monitoring the situation and may issue guidance on pricing adjustments to mitigate potential economic shocks.

Experts advise consumers to plan and budget for possible price changes, while policymakers are urged to consider strategic interventions to cushion the effects on vulnerable households.

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