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Nigeria Fuel Prices Set to Soar as Global Oil Hits $100 Per Barrel

Guavy AI Editorial Team
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Oil
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Nigeria's fuel prices may rise as global oil prices have surpassed $100 per barrel for the first time since May, causing an increase of 6.77% on Thursday.

This surge in global oil prices is attributed to various factors, including US military strikes against Iran and attacks on oil tankers in the Red Sea by Houthi militia in Yemen.

The hikes have led to a widening supply concern beyond the Middle East, with Kazakhstan cutting its oil production after drone attacks disrupted tanker loadings at the Caspian Pipeline Consortium terminal on the Black Sea.

Nigeria's downstream market is already beginning to feel the impact of these rising global oil prices, as Dangote Petroleum Refinery increased its ex-depot petrol price by 13.02% to N1,215 per litre from N1,075 per litre just a day prior.

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