Petrol price: Global crude oil drops from $108 as fuel hits N1,430/litre in Nigeria

Global crude oil prices dropped on Thursday from as high as $108 per barrel amid escalating conflict between Saudi Arabia and Iran-backed Houthi forces in the Middle East.

An oil price market survey by DAILY POST on Thursday showed that Brent and West Texas Intermediate (WTI) crude dropped to $105.60 and $102 per barrel, respectively, from $108 and $105.

This means that both Brent and WTI fell by between 2% and 3% amid mounting crude supply concerns in the Middle East.

DAILY POST reports that heightened uncertainties in the Gulf region have pushed global energy prices up across economies, including the United States and Nigeria.

On Wednesday, the US Federal Reserve had to raise its interest rate by 25 basis points, its first monetary policy tightening since 2023.

In Nigeria, fuel prices, which rose to between N1,395 and N1,450 per litre in Abuja and its environs, have pushed up transportation, food and living costs.

Nigerian Labour Congress, in a statement by its president, Joe Ajaero, on Wednesday, demanded intervention from President Bola Ahmed Tinubu’s administration to cushion the impact of the fuel price hike on Nigerians.