TEN Oil marketers have adjusted the depots prices of Premium Motor Spirit, PMS, also known as petrol to a maximum of N845 as crude oil rose by 8.8 per cent to $74 per barrel from $68 per barrel.

The leap in crude prices was fueled by Israel’s attack on Iran, a major oil producing nation and member of the Organisation of Petroleum Exporting Countries, OPEC.

However, the 10 oil marketers that adjusted depot prices included Aiteo, Pinnacle, Dangote, MENJ, Swift, Rainoil, First Royal, Emadeb, First Fortune and Ever.

EMADEB made the highest adjustment to N845 from N827 per litre, indicating an increase of 2.18 per cent while Ever recorded the least adjustment to N870 from N866 per litre, showing a drop of 0.46 per cent.

Also, Aiteo adjusted its depot price to N840 per litre from N835 per litre; Pinnacle adjusted to N845 per litre from N829 per litre while Dangote Petroleum Refinery adjusted to N840 per litre from N830 per litre.

READ ALSO: Ojude Oba Festival: A celebration of Yoruba identity and communal pride

READ ALSO: Wike defends N39b renovation cost, renaming of Conference Centre after Tinubu

MENJ, Swift and Rainoil (Lagos) adjusted prices to N850 from N810 per litre, N845 from N830 per ltre and to N850 from N840 per litre, respectively.

First Royal and First Fortune also adjusted their depot prices to N838 from N826 per litre and N860 from N850 per litre, respectively.

According to Petroleumprice.ng, the depot prices of petroleum products would continue to leap in the coming weeks, due to instability of the global oil market.

There were fears, Friday, that more attacks and counter attacks could culminate in a prolong instability, capable of impacting the global oil market.

According to OPEC, “Apart from petroleum, the country’s (Iran) other natural resources include natural gas, coal, chromium, copper, iron ore, lead, manganese, zinc and sulphur.”

Meanwhile, traders said the movement along Strait of Hormuz, the strategic waterway for global oil shipments would likely be disrupted.

 While the United States has called for calm, Iran has vowed a “harsh response,” increasing uncertainty in the market.

The National President of the Oil and Gas Services Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, said: “The tension could be beneficial to Nigeria and other oil and gas producing and exporting countries as crude oil prices would likely be in excess of $75 per barrel.

“The nation’s 2025 budget was based on $75 per barrel and more than two million barrels per day output.”