The price of Premium Motor Spirit, popularly known as petrol is expected to go up in the coming days due to the the increased cost of crude oil.
As of Monday, the price of Brent crude oil is $81.09 per barrel. This is higher than the $76 it was last week.
It should be noted that the 2025 budget before the national assembly has the price of oil benchmarked as $75 per barrel.
The reason for the increase is the tension between countries, especially the sanctions on Russian oil exports.
The increase in the price of crude oil may also affect the prices of other petroleum products like diesel. In Lagos, the price of diesel has already gone up by N70.
Last week, marketers slashed the price of petrol. However, with the increase in the price of crude oil, the price of petrol may go up again.
Nigerians are currently buying petrol between N935 and N1,100 per litre.
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