The Digest:
Hopes that petrol prices would crash in Nigeria have been dampened after Iran reclosed the Strait of Hormuz, barely 24 hours after it was opened following a ceasefire deal with the United States. Fuel marketers had projected petrol prices could drop from N1,250 to about N900 per litre. However, the reclosure has dashed those hopes. Brent crude traded at $90 per barrel on Sunday, up from $88 before the reclosure. US President Donald Trump has threatened to attack Iranian energy infrastructure.
Key Points:
- Nigerian petrol prices remain high as global oil volatility continues.
- Marketers had predicted a return to N800+ per litre pricing.
- The Strait carries 20% of globally traded oil.
- Iran cited a continued US blockade of its ports as a reason for reclosure.
- Trump threatens to "knock out every power plant" in Iran if no deal.
Sources: Punch Newspaper
