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By, Ayoofe Aiyedatiwa
You and l may buy petrol at N1,000/litre this week !
Petrol prices may soon rise to N1,000 per litre due to rising crude oil prices and the volatility in the foreign exchange market.
YOUNEWS Posits that the surge in global crude oil prices could push the pump price of Premium Motor Spirit (petrol) in Nigeria to as high as N1,000 per litre in the coming weeks, should Brent crude hit the $80 per barrel threshold.
Sources even mentioned to us that private depots are already gearing up to effect a hike in loading cost today Monday June 23 or tomorrow Tuesday 24th.
This development follows a “preemptive defensive strike,” overnight attacks launched by the United States on three of Iran’s major nuclear sites.
The strike, as announced by President Donald Trump, “obliterated” Tehran’s critical nuclear infrastructure, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC’s third-largest crude producer.
In retaliation,Iran parliament has shut the Strait of Hormuz, a strategic chokepoint that handles nearly a fifth of the world’s oil supply. The move sent immediate shockwaves through the global energy market.
