Depot owners and fuel marketers in Nigeria have increased the price of diesel per litre to ₦1,450, ending a brief respite in the rising cost of the product.
Naijaonpoint reports that the increase from ₦1,410 per litre on Tuesday to ₦1,450 per litre on Wednesday represents about 3% increase within 24 hours.
The dealers blame the price hike on changes within the global oil market.
According to reports, a sharp increase in global crude oil prices due to renewed geopolitical tensions in the Middle East, led to a swift reaction by Nigerian depot owners and petroleum marketers in response to climbing international crude prices.
On Wednesday, Brent crude traded at $78.36 per barrel, up 5.66%, while West Texas Intermediate (WTI) rose to $74.30 per barrel, up 5.48%.
Naijaonpoint had earlier reported that United States President, Donald Trump, on Wednesday, said the ceasefire with Iran was “over” following major exchanges of fire between US forces and the Islamic Republic.
Recall that the US has launched a fresh wave of airstrikes against Iran, accusing Tehran of attacking commercial vessels in the Strait of Hormuz and violating an existing ceasefire agreement.
The latest military action marks another escalation in tensions between the two countries, with Washington saying the strikes were intended to impose “heavy costs” on Iran for targeting civilian-crewed ships navigating an international waterway.
Trump spoke after Washington launched fresh strikes on Iran overnight, while Iran’s Revolutionary Guards said they had targeted US bases in the Gulf.
Oil prices jumped by five per cent after Trump’s remarks, reflecting renewed fears over escalating tensions in the region.
Speaking at a NATO summit in Ankara, the Turkish capital, Trump said he no longer wanted to deal with Tehran.
