Petrol price: Global crude oil drops from $108 as fuel hits N1,430/litre in Nigeria
Global crude oil prices dropped on Thursday from as high as $108 per barrel amid escalating conflict between Saudi Arabia and Iran-backed Houthi forces in the Middle East. An oil price market survey by DAILY POST on Thursday showed that Brent and West Texas Intermediate (WTI) crude dropped to $105.60 and $102 per barrel, respectively, from $108 and $105. […] Petrol price: Global crude oil drops…
Global crude oil prices plummeted on Thursday as tensions between Saudi Arabia and Iran-backed Houthi forces in the Middle East intensified. According to a market survey by DAILY POST, Brent and West Texas Intermediate (WTI) crude oil prices fell to $105.60 and $102 per barrel, respectively, from $108 and $105. This 2% to 3% decline was attributed to concerns over reduced crude supply in the region.
The uncertainty in the Gulf area has led to an uptick in global energy prices, affecting economies such as the United States and Nigeria. The US Federal Reserve had to increase its interest rate by 25 basis points on Wednesday, marking its first rate hike since 2023. In Nigeria, fuel prices soared to between N1,395 and N1,450 per litre in Abuja and surrounding areas, driving up transportation, food, and living expenses.
The Nigerian Labour Congress called for urgent government intervention to alleviate the strain caused by the fuel price increase.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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