Global oil prices experienced an immediate spike after Israel announced an attack on Iran as tension escalated in the Middle East region, sparking fear of a Premium Motor Spirit price surge in the Nigerian local market.
The development had raised concerns among traders that the conflict between Iran and Israel could disrupt supplies coming from the energy-rich region.
On the gain side, this is the first time global oil prices have surpassed the Nigerian government’s 2025 budget benchmark of $75 per barrel.
GLOBAL OIL PRICE SURGE SPARKS FEAR OF NIGERIAN PETROL AFFORDABILITY
