Brent at $115.18 revives fears of petrol price rise in Nigeria
By the AFREEQUE newsroom, based on Punch
The Brent crude price reached $115.18, reviving fears of another petrol price rise in Nigeria. Refiners and depots were already selling their fuel at 1,350 naira a litre at the facilities, according to Punch, which reports a surge linked to tensions around Iran and risks to global supplies.
Brent rose 1.8% on Friday to $115.18 a barrel, reviving fears in Nigeria of another increase in petrol prices, the Nigerian media outlet Punch reports. US crude WTI gained 2% to $101.56, according to Oilprice.com.
The Dangote Petroleum refinery and depot owners were selling petrol at 1,350 naira a litre at their terminals. A further rise in oil prices could increase replacement costs borne by distributors and be passed on to consumers. No additional increase had been announced by refiners or importers at the time of Punch's report.
The concerns relate to a possible resumption of US strikes against Iran and supply disruptions. Reuters reported on Friday that Brent had reached $115.16, its highest level since 4 May, after attacks by Houthi militants in Saudi Arabia. Brent contracts were heading towards a weekly gain of around 5%, their third consecutive increase.
