Premium Motor Spirit (PMS) depot prices in Nigeria could climb beyond N1,290 per litre after Brent crude advanced to $95.41 a barrel on Wednesday. Brent and West Texas Intermediate (WTI) were trading at $95.41 and $90.79 per barrel, respectively, at the time. The increase has intensified concerns that energy costs could rise further worldwide, including in Nigeria. In the United States, diesel prices jumped 7% to $4.71 per gallon after the US president ordered airstrikes on Iran. Nigerian depot operators were selling petrol on an ex-depot basis for between N1,267 and N1,275 per litre, but those prices could soon exceed N1,290 per litre. A survey of filling stations on Wednesday found pump prices ranging from N1,310 to N1,345 per litre, with retail rates potentially moving above N1,400. As prices continued to climb, the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) urged the government to act to prevent additional increases. IPMAN National President Abubakar Maigandi said on Tuesday that the Federal Government should negotiate with Dangote Refinery over an arrangement that would bring petrol prices down.
