Fuel price hike: Global oil prices increase by nearly 4%

Global lipid prices surged by astir 4 percent on Wednesday amid continued airstrikes successful the Middle East.

Brent crude accrued by 3.75 percent to $94.42 per barrel, portion West Texas Intermediate, WTI roseate by 3.55 percent to $87.33 per barrel.

The summation was driven by heightened threats to shipping astatine 2 cardinal chokepoints successful the region: the Strait of Hormuz and the Bab el-Mandeb Strait.

Recall that reports emerged that the Iran-aligned Houthis are preparing to effort the closure of the Bab el-Mandeb Strait, a determination that would disrupt supplies from the Saudi larboard of Yanbu connected the Red Sea. Global vigor terms shocks typically interaction home vigor prices.

In Nigeria, substance prices person continued to emergence amid uncertainty surrounding the Dangote Refinery’s resumption of petrol income successful dollars.

The pump terms of substance successful Abuja has risen from arsenic debased arsenic N1,155 per litre to N1,350 per litre arsenic of the clip of filing this report.

Recall that the Nigerian National Petroleum Company Limited, NNPCL accrued its pump terms to N1,270 per litre from N1,155 per litre. 

Before NNPCL’s terms hike, depot owners and marketers had raised their ex-depot and retail prices to betwixt N1,280 and N1,3...