موقع وجه أفريقيا موقع وجه أفريقيا هو موقع مهتم بمتابعة التطورات في القارة الأفريقية
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News agency
The war raging in Iran has impacted thee nergy markets across the world, including Nigeria, where daily lives and businesses are suffering due to a surge in the prices of oil.
The energy crisis dominated Nigerian news media on Saturday.
What effect is the Iran war having on oil prices in Nigeria?
Since the outbreak of the war in Iran, prices of petrol in Nigeria have surged multiple times.
However, the war is not the source of the problem, but rather is exacerbating pre-existing issues arising from chronic underinvestment and a weak energy transmission infrastructure.
The series of price adjustments represents a cumulative increase of about 47% in six weeks.
The Dangote Refinery in Nigeria — one of the largest in the world — has once again increased the cost of petrol from N1,075 (€0.68) to N1,175 (€0.74) per liter, according to Nigerian news channel Arise News.
The increase in oil prices has prompted depot operators across key supply hubs to halt purchases of fuel.
“The revision reflects the surge in global crude oil prices,” Arise reported, citing a market source. Brent crude prices went up from $91 to around $100 per barrel, increasing the costs for refining.
The disruption to the oil market could also prove to boon to Nigeria’s own crude oil exports, which briefly peaked at $120 per barrel earlier in the week.
Vanguard reported on the impact of the crisis on Nigeria’s poorest. Citing experts, it warned of inflationary pressure on basic goods due to the rise in fuel costs, which would hit lower-income individuals the hardest.
It also pointed to the instability of the current hike in oil prices, explaining that a continued conflict could lead to a global recession that could bring down the demand for Nigerian oil.
Rising energy prices are also pushing up transportation costs, both for private car owners as well as users of public transport, as reported by the Nigerian newspaper The Guardian.
Transport operators have warned that the continued hike in prices would lead to further fare increases, which puts pressure on households and potentially leaves them with less money for groceries.
