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.
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.
Our source reports that since the conflict started, there has been severe damage to critical oil infrastructure, triggering a sharp spike in global oil prices.
Spike in crude prices
As soon as the conflict started, Brent crude increased by 11.71% from $66.45 penultimate Monday to $74.23 after hitting an intraday high of $78.50, the highest since January 27.
Also over the penultimate weekend, U.S. West Texas Intermediate crude finished at $72.98 a barrel, up $4.94, or 7.62%.
Similarly, WTI jumped over 14% to its highest since January 21 at $77.62. WTI climbed 13% to its level a week ago.
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.
