Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country, Daily Trust can report. This followed the recent increase in the price of crude oil on the global market, triggered by the escalating Israel-Iran hostilities, with marketing advising Nigerians to brace up for further increases unless there is a de-escalation of the current tension.
reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.
Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94or7.62% similarlyWTIjumpedover14 toitshighestsinceJanuary21at $77.62. WTI strove to its level from a week prior, climbing 13%.
Israel and Iranian hostilities have worsened volatilities in the oil and gas sector as investors are on the edge of price instability amidst fear of escalating Middle East conflict.
As of yesterday (Sunday), crude prices have rallied above $77 per barrel, slipping from $79 over the weekend. There are fears of further increases following US President Donald Trump’s decision to strike three nuclear facilities in Iran, even as Iran has vowed retaliation.
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