By Desire Emmanuel
Nigerians should brace up to pay more for petrol as the price of crude oil in the international market hits $120 per barrel on Monday, March 9.
The citizens of the country started paying between N1,080 and N1,200 per litre since Friday when various filling stations adjusted their pump prices after Dangote Refinery announced increase in its own commodity to N995.
The price of crude oil as of last Friday was $85 per barrel.
According to reports from the international oil market on Monday, oil prices surged around 25% to their highest since mid-2022, with Brent on track for a record one-day gain as an escalating Iran war squeezed world energy supplies.
Brent, the most popular variant of crude oil, climbed to a high of $120 per barrel and US West Texas Intermediate (WTI), another variant, rose to $119.48 a barrel.
“…the situation appears to be deteriorating further,” analysts said in a note. “In addition, upstream oil production has started to shut in, with producers facing storage constraints. Iraq, Kuwait, and the UAE began reducing oil production.”
A weekend of escalating violence in the Middle East also intensified concerns around a sustained supply crunch, propelling oil prices to their highest level in four years and triggering a deep stock market sell-off.
