Crude Prices Soar to $107 Amid US-Iran Conflict
Nigeria's petrol prices may rise again due to international crude oil prices surging to $107 per barrel on Thursday. This increase has put pressure on domestic petrol prices, which have already risen from N830 per litre before the Middle East crisis to N1,310 or more in some locations.
The sharp rise in Brent crude is attributed to the ongoing military confrontation between the United States and Iran, disrupting oil supplies through the Strait of Hormuz. Oil flows through the strait have fallen sharply, with recent estimates putting daily outflows below two million barrels.
Analysts warn that another petrol price increase could be imminent, as sustained increases in international crude prices feed into the domestic petrol market. Refiners and importers are adjusting their prices to reflect changes in global crude and related supply costs.