Nigerians could face another round of petrol price increases as international crude oil prices surged to $115.18 per barrel, raising concerns that Dangote Petroleum Refinery and other depot owners may review their selling prices.

The latest development comes as Dangote Refinery and several petroleum depot operators currently sell Premium Motor Spirit (PMS), commonly called petrol, at ₦1,350 per litre at their gantries.

Although no fresh price adjustment has been announced, the sustained rise in crude prices could force refiners and importers to review their rates as replacement costs increase.

The development threatens to place additional pressure on households, transport operators and businesses already struggling with high energy costs.

Crude oil surges to five-month high

According to Oilprice.com, Brent crude climbed 1.8% to $115.18 per barrel on Friday, reaching its highest level in five months.

Similarly, the United States West Texas Intermediate benchmark rose 2% to $101.56 per barrel as renewed geopolitical tensions heightened fears of global supply disruptions.

Reuters reported that Brent touched $115.16 per barrel, its highest level since May 4, putting the benchmark on course for a third consecutive weekly gain.

The rally followed growing concerns over possible renewed military strikes involving the United States and Iran, alongside attacks on critical energy infrastructure in the Middle East.

Market participants fear that further escalation could disrupt crude production, exports and international shipping routes.

Middle East tensions fuel supply concerns

The latest increase followed reports of attacks by Iran-backed Houthi militants targeting energy facilities and other infrastructure in Saudi Arabia.

Reuters reported that Saudi Aramco evacuated personnel from its headquarters in Dhahran amid heightened security concerns.

A drone attack targeting the Shaybah oil field reportedly killed two people, while another attack on King Fahd International Airport in Dammam caused additional casualties.

United States President Donald Trump also heightened market uncertainty after indicating that Washington was not negotiating with Iran and suggesting further developments could occur soon.

Meanwhile, Iranian military authorities said the country's armed forces were prepared for further confrontation.

Of particular concern is the Strait of Hormuz, a strategic shipping corridor through which a substantial proportion of internationally traded oil normally passes.

Further disruptions could increase shipping, insurance and crude procurement costs.

Dangote, depot owners face fresh pricing pressure

For Nigeria, the international crude rally could translate into higher petrol prices as refiners and importers adjust to rising supply costs.

Dangote Petroleum Refinery previously increased its petrol gantry price from ₦1,265 to ₦1,350 per litre, effective September 12, representing an increase of ₦85, Punch reported.

With crude prices climbing further, another adjustment remains possible, depending on procurement costs, exchange rates and market conditions.

Independent depot owners could also review their prices as the cost of replacing existing inventories rises.

However, the timing and scale of any increase remain uncertain.

A fresh petrol price increase could worsen transportation expenses, food distribution costs and operating expenses for businesses dependent on petrol-powered generators.

Commercial transport operators may also pass higher fuel costs to passengers, placing additional pressure on household budgets.

While rising crude prices could improve Nigeria's oil export earnings, consumers remain exposed to higher domestic fuel costs.

For now, attention will remain on Dangote Refinery and petroleum depot operators as marketers assess whether the latest crude rally will translate into another increase at filling stations.