Crude hits $107, fresh petrol price hike looms

Crude oil prices have surged to $107 per barrel, following a recent climb from $100, placing pressure on petrol prices in Nigeria. The country's petrol prices have already risen to N1,310 per litre or more in some areas, from about N830 per litre prior to the Middle East crisis. The ongoing conflict between the United States and Iran has disrupted oil supplies through the Strait of Hormuz, leading to concerns over a potential further petrol price increase.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.