Crude hits 114 as fears grow over fresh petrol price hikes in Nigeria
There are fresh concerns that petrol prices in Nigeria could rise further after Brent crude oil jumped to about 114 dollars per barrel following a sharp escalation in the United States and Israel war on Iran . Petrol is already selling for between N1,200 and N1,400 per litre in parts of the country, up from around N730 to N880 per litre before the conflict began on February 28 . Global prices surged after Israel struck Iran’s South Pars gas field, the world’s largest gas deposit, prompting Iranian missile and drone attacks on energy facilities in Qatar and Saudi Arabia and triggering fears of wider disruption to supplies . Brent crude rose by about 6.24 percent to 114.08 dollars per barrel, its highest level since May 2022, while US West Texas Intermediate crude climbed to around 96.33 dollars per barrel . […]