Commodities
Nigerian Petrol Prices Surge as Brent Crude Climbs Above $109
Nigerian petrol consumers are facing rising prices as Brent crude climbed above $109 per barrel on Monday, amid escalating tensions around key global oil shipping routes.
The increase in crude prices is expected to sustain pressure on the Nigerian downstream market, where pump prices have already reached about N1,500 and diesel at N2,000 per litre in parts of the country.
The latest rise in Brent crude came as Gulf states called off a planned meeting with Iran on reopening the Strait of Hormuz, while Yemen's Houthi fighters launched dozens of missiles and drones at Saudi Arabia's King Khalid Airbase in Khamis Mushait.