Petrol Price Hits N1,430 In Abuja As Strait Of Hormuz Crisis Worsens

The price of petrol has climbed to as high as N1,430 per litre in Abuja, as the worsening crisis around the Strait of Hormuz continues to exert pressure on global oil supplies and domestic fuel prices.

The latest development comes amid renewed attacks and disruptions around key oil shipping routes in the Middle East, raising fresh concerns over the stability of global crude supplies. Brent crude has recently traded above $100 per barrel as tensions escalate.

The Strait of Hormuz remains a critical artery for the global energy market, and disruptions to oil shipments through the waterway have heightened supply concerns and pushed international prices higher.

In Nigeria, the impact is increasingly being felt at filling stations, with motorists facing higher pump prices and growing uncertainty over the direction of fuel prices.

The development could further increase transportation and operating costs across the country, with potential knock on effects on food prices, logistics and other essential goods.

The latest increase also comes as concerns mount that prolonged disruption to global oil flows could keep crude prices elevated for an extended period.

For Nigerian consumers already grappling with high living costs, another sustained rise in petrol prices could place additional pressure on household budgets and businesses.

MeridianSpy reports that motorists in Abuja are now confronting petrol prices of up to N1,430 per litre as the global energy crisis deepens.