FG weighs options as Iran war pushes petrol above N1,000
The Federal Government is assessing its economic and diplomatic options as the war involving Iran, the United States and Israel begins to hit Nigerians through higher fuel prices and fresh pressure on the economy. Officials are closely tracking developments in the Middle East, where attacks on oil facilities, shipping disruptions and tensions around strategic waterways have driven up global crude prices. The conflict has already pushed Brent crude well above Nigeriaâs 2026 budget benchmark, raising both risks and opportunities for Africaâs largest oil producer. On the domestic front, petrol prices have crossed or neared N1,000 per litre in many locations, with queues reappearing at filling stations across parts of the country. Marketers and analysts link the spike to higher international crude and freight costs, as well as supply constraints and the impact of the conflict on global refinery output and […]
