. Nigeria to rake in more revenue, citizens to pay more for fuel as crude oil sets for biggest monthly gain since early 2022 + Projected price you will buy petrol before end of August
Nigerians are to experience a fresh hike in prices of Premium Motor Spirit (PMS), also known as petrol, in August, Platforms Africa reports. This, which is Imminent, baring any unforseen circumstances, will be the third upward adjustment of the petrol price in the last 62 days.
Africa’s biggest exporter of crude, which doubles as the biggest importer of refined products, has fully deregulated the petrol market, exposing the market to price volatility from crude oil prices at the international market
Oil price, which on Monday, surged above $81 per barrel, is according to global market data collated by Platforms Africa, on course for 15% gain.
READ ALSO: BREAKING: Supreme Court Justice, Chima Nweze, Is Dead
Breaking: Davido,Chioma Welcomes New Baby
Why, How Petrol Price Hit N617 Per litre – Marketers
JUST IN: NLC Set For Nationwide Strike Over Fuel Price
Nigeria Talks Tough As Coup Rocks Niger Republic
This will be the biggest monthly gain for the commodity since early 2022.
Both the NNPCL and major marketers have, according to reports by Platforms Africa, named crude oil price as one of the major market forces that determine the prices of petrol.
Global demand is already at record while OPEC+ cuts supply, Goldman analysts say.
While this translates to more revenue for the major oil producing country, it spells another huge increase in the prices of petrol and other white products. The pricerange for the new commondity, based on market forces is projected to be between N650 and N800 per litre
Platforms Africa reports that the looming increase in the pump price from the N617 per litre as gazetted by the Nigerian National Petroleum Company Limited (NNPCL) early July, will be the the third major hike since May 29, when President Bola Tinubu announced removal of subsidy.
Meanwhile, Oil headed for its largest monthly increase in more than a year on signs that the market is tightening, with analysts estimating that crude demand is running at a record clip just as OPEC+ cuts back production.
Crude futures in New York have now erased their year-to-date losses, with expectations that the Federal Reserve is close to ending its cycle of monetary tightening also aiding sentiment.
The US crude benchmark has rallied more than 15% this month, putting it on course for the biggest advance since January 2022.
