Could Fuel Cost ₦3,000 per Litre? Here’s Why

Global fuel prices are rising. While the Middle East conflict has raised concerns, oil traders’ speculation is driving today’s surge. Actual crude supply from the region has not yet been fully disrupted. Oil tankers travel at about 28 kph and spend weeks at sea. Ships that departed before major hostilities are still en route. These deliveries have kept crude prices relatively stable for now. From April 10th, many economies will exhaust their current imports. With no recent shipments from the Strait of Hormuz and escalating strikes on Kharg Island, Iran may retaliate by targeting oil facilities. This will halt exports. The resulting supply shock could cripple production worldwide. Scarce fuel will fetch premium prices and could reach ₦3,000 per litre in Nigeria.

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