Crude oil sells for $84/barrel

Brent, the international benchmark for crude oil, rose to a high of $84/barrel on Wednesday, fuelling speculations that Nigeria might witness another hike in the pump price of Premium Motor Spirit, popularly called petrol, in the coming weeks.

Crude oil, which is a major determinant for refined petroleum products’ prices, hovered between $75 and $78/barrel for over a month, but peaked in price on Wednesday, after witnessing similar highs since last week.

While oil marketers told our correspondent, on Wednesday, that the rise in crude oil price coupled with the increase in exchange rates would warrant further hike in petrol price, the Nigerian National Petroleum Company Limited maintained its stance on selling PMS at the market price.

Although other oil marketers have commenced the importation of petrol into Nigeria, NNPCL is still the major importer of the commodity, being the supplier of last resort.