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Nigeria has recorded Africa’s highest increase in petrol prices, as global energy markets continue to react to tensions linked to the United States-Iran conflict, according to a new report.
The surge has been driven by rising international crude oil prices, increased shipping and insurance costs, as well as exchange rate pressures that have pushed up the cost of importing refined petroleum products.
Analysts warn that sustained increases in fuel prices could place additional pressure on inflation, transportation costs and the prices of goods and services, affecting households and businesses across the country.
The development highlights Nigeria’s continued vulnerability to fluctuations in the global oil market despite being one of Africa’s leading crude oil producers, underscoring the importance of strengthening domestic refining capacity and energy security.
