BREAKING: FUEL PRICE TO EXPLODE!

GREATRIBUNETVNEWS–“The sharp rise in international crude oil prices could trigger another increase in petrol prices in Nigeria, with Brent crude climbing to $115.18 per barrel on Friday.”
“The rally comes as Dangote Petroleum Refinery and other depot owners currently sell petrol at N1,350 at their gantries.”

Crude Hits $115 As U.S. Prepares To Strike Iran – Nigerians To Pay More!

GLOBAL OIL MARKET ON FIRE:
“According to http://Oilprice.com, Brent crude rose to a five-month high on Friday as escalating tensions in the Middle East heightened concerns over global oil supplies.”
“Brent crude rose by 1.8 per cent to $115.18 per barrel, while U.S. West Texas Intermediate futures gained 2 per cent to $101.56 per barrel, amid expectations that Washington could resume military strikes on Iran.”

THE ESCALATION:
“Reuters reported Brent touched $115.16 per barrel, its highest since May 4, as attacks by Houthi militants in Saudi Arabia raised fears of further disruption to energy supplies, with Saudi Aramco’s headquarters in Dhahran reportedly evacuated.”

TRUMP SPEAKS – IRAN FIRES BACK:
“The concerns followed remarks by U.S. President Donald Trump on Wednesday that Washington was not negotiating with Iran and that something would happen ‘fairly soon,'”
“Iran’s army chief said the country’s military was fully prepared for ‘asymmetric warfare’ after strengthening its capabilities, according to state media agency Tasnim.”

Tensions have extended to Saudi Arabia, where Iran-allied Houthi militants have continued attacks. The U.S. State Department ordered non-essential personnel to leave the country.

A drone attack targeting the Shaybah oil field in Saudi Arabia’s Eastern Region on Wednesday reportedly killed two people and injured two others. Another attack on King Fahd International Airport in Dammam left at least two dead and eight injured, according to Saudi state media.

Reuters reported Saudi Aramco ordered staff to evacuate its Dhahran headquarters and work remotely following the attacks.

Of particular concern is the Strait of Hormuz, a strategic waterway through which a significant share of the world’s oil passes. Disruptions to shipping through the strait have already contributed to market volatility, while renewed attacks could further tighten supplies and increase freight and insurance costs.

For Nigeria, sustained increases in international crude prices typically raise feedstock and refined-product replacement costs, putting pressure on domestic petrol prices.

Although no fresh increase has been announced by refiners or importers, marketers face higher replacement costs and the possibility of passing increases to consumers, at a time Nigerians continue to grapple with elevated petrol prices and inflationary pressure.