Nigerians yet to benefit from higher crude prices
Five months after the US-Iran war began, its impact on global crude oil prices and the broader petroleum industry has been significant. Africa, heavily reliant on imports, felt the brunt, with Brent crude hitting $120 per barrel. This led to a surge in refined product prices by over 100% and supply glitches in countries like Kenya and South Africa, while food prices also rose by 15%.
The Strait of Hormuz, a critical oil trade route, experienced a drastic drop in vessel traffic, disrupting global trade and leading to price hikes. While Nigeria, with its functional refinery and production capacity, managed to avert a major crisis, the country’s citizens still face high fuel costs.
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