The pump price of Premium Motor Spirit (petrol) may rise to N1,000 per litre in the coming days due to the surge in crude oil prices on the international market.
Fuel marketers told Saturday PUNCH that the sudden surge in the global crude prices to over $70 per barrel could trigger another increase in the pump prices of both imported and locally-produced petroleum products.
The increase in petrol prices came at a time when the Dangote Petroleum Refinery raised petrol prices from N739 to N839. Also, oil prices rose above $70 per barrel on Thursday, the highest in the past five months.
The commodity rose by three per cent on Thursday on rising concerns that global supplies could be disrupted if the United States attacks Iran, one of the biggest crude producers of the Organisation of Petroleum Exporting Countries.
