Middle East Tensions Fuel Nigeria's Soaring Petrol Prices
An oil and gas expert has attributed Nigeria's rising petrol prices to volatility in the international crude oil market.
The current market price for Brent Crude oil is $96.28 per barrel, driven by ongoing geopolitical conflict and tensions in the Middle East.
Ongoing US-Iran confrontation is sparking speculation and market sentiment-driven price movements, said Mr. Chinedu Okoronkwo, Treasurer of the Board of Trustees, Independent Petroleum Marketers Association of Nigeria (IPMAN).
The Dangote Refinery's frequent adjustments in fuel prices are driven by anticipated changes in crude oil prices, according to Okoronkwo.