International crude oil prices have surged to a five-month high of more than 115 dollars per barrel, raising fears of another petrol price increase in Nigeria.
Brent crude rose by 1.8 per cent to 115.18 dollars per barrel on Friday, amid escalating tensions in the Middle East and concerns over possible disruptions to global oil supplies.
The development comes as the Dangote Petroleum Refinery and other depot owners sell petrol at 1,350 naira per litre at their gantries.
The rising cost of crude oil could increase the cost of supplying petrol locally, putting additional pressure on consumers already grappling with high living costs.
However, no fresh petrol price increase has been announced by refiners or importers.
Market concerns have been heightened by fears of renewed military strikes involving the United States, Israel and Iran, as well as attacks on energy infrastructure and shipping routes in the Middle East.
Reuters reports that Brent crude touched 115.16 dollars per barrel, its highest level since May 4, as regional hostilities raised concerns about further disruptions to energy supplies.
The Strait of Hormuz, a strategic waterway through which a significant proportion of global oil supplies passes, remains a major concern for energy markets.
Any disruption to crude oil production, exports or shipping could further tighten global supplies and push prices higher.
For Nigeria, sustained increases in international crude prices could translate into higher petrol costs, depending on crude procurement expenses, refining margins, transportation and prevailing market conditions.
Dangote Petroleum Refinery last increased its petrol gantry price from 1,265 naira to 1,350 naira per litre, effective September 12.
