Fuel Price Soars: Experts Blame Global Conflicts, Not Smugglers
The ongoing conflicts between the USA and Iran, Russia and Ukraine have significant reverberating effects on citizens worldwide. Soaring fuel prices compound cost of living issues in Nigeria.
Energy expert Amos Oboh explains that fluctuations in oil prices can have rippled economic effects due to strong economic growth and industrial production increasing demand for oil.
Oboh cites the Organization of Petroleum Exporting Countries (OPEC) as a major influencer of global oil prices, with their alliance with Russia and other exporters under the OPEC+ umbrella having significant impact.
Meanwhile, energy analyst Franklin Obed links Russia's ability to fund war campaigns to the oil market, stating that higher oil prices allow Moscow to bypass Western price caps and sell Urals crude at a premium.