Crude oil prices surged to $114 per barrel on Thursday as the US-Israel war on Iran intensified, sparking fresh fears of higher petrol prices in Nigeria. Israeli strikes on Iran’s South Pars gas field prompted Iranian retaliation on energy facilities in Qatar and Saudi Arabia, with US President Trump threatening to “blow up” South Pars. Brent crude rose 6.24% to $114.08, the highest since May 2022, while domestic petrol prices already range between N1,200 and N1,400 per litre. The US is considering “unsanctioning” Iranian oil at sea to ease global prices.
Key Points:
Nigerian petrol prices could rise further from the current N1,200-N1,400/litre range.
Dangote Refinery had raised the gantry price to N1,175/litre on March 13, citing global crude volatility.
Cooking gas remains stable in Lagos/Abuja but hit N1,500-1,800/kg in the South-East and South-South.
US may release strategic reserves and unsanctioned Iranian oil to stabilize markets.
Experts urge Nigeria to diversify its economy, reactivate its local refineries, and build strategic fuel reserves...READ FULL; FROM THE SOURCE.
Nigerians face continued fuel price pressure as the Middle East conflict escalates, with experts calling for urgent domestic energy independence measures.
Sources: Vanguard, Reuters, Bloomberg
