Crude Oil Prices Soar Above $105 Amid US-Iran Conflict

Crude oil prices have surged above $105 per barrel amid ongoing market volatility. The increase is attributed to retaliatory attacks on tankers by the US and Iran, intensifying the battle for control of the Strait of Hormuz.

The six-month-long conflict between the US, Israel, and Iran has led to a significant spike in energy costs worldwide, including Nigeria. This surge is expected to exacerbate the cost-of-living crisis in the country.

As a result, Nigerians may face another fuel price increase, straining their already overextended finances and putting additional pressure on the struggling economy.

Petroleum products retailers, marketers, depot owners, and refiners in Nigeria are likely to raise the pump price of Premium Motor Spirit (PMS) due to the latest surge in crude oil prices. This is in line with recent increases by depot owners, Dangote Refinery, and marketers on the back of rising global crude oil prices.

Currently, Nigerians buy petrol between N1,310 and N1,350 per litre at various filling stations in Abuja, according to a survey. With the latest spike in crude oil prices, fuel pump prices could rise again.