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Nigerian petrol prices rise as global crude prices soar amid US-Iran geopolitical tensionsBrent crude now trades at $76.20 per barrel, reversing a prior decline in oil pricesAnalysts warn of potential retail price increases if global tensions continue to escalate
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fresh increases have emerged in petrol prices at major Nigerian depots following another rally in global crude oil prices, raising concerns over the possibility of higher pump prices in the coming days.
The latest development comes as renewed geopolitical tensions involving the United States and Iran triggered fresh volatility in the international oil market, prompting depot owners to adjust their ex-depot prices to protect against rising replacement costs.
Filling stations move to adjust as depots increase petrol prices nationwide., Credit: Brin SharmaSource: Getty Images
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