Fresh fears of higher petrol price as crude hits $114 per barrel

There are fresh fears in the country of higher petrol price as crude hit $114 per barrel, yesterday, following dangerous escalation in the United State and Israel war on Iran. Already, petrol is sold for between N1200 and N1400 per litre in parts of the country.

The Middle East conflict escalated on Wednesday following Israeli strikes on Iran’s South Pars gas field, the world’s largest natural gas deposit, prompting Iranian retaliatory attacks on energy facilities in Qatar and Saudi Arabia, a development that is viewed as a major escalation in the war.

Following the attacks, the US President, Donald Trump, threatened to ‘entirely’ blow up the South Pars if the country continues to attack energy facilities in Qatar.

Consequently, energy prices soared, rising from $66 pb to $114pb by as much as five per cent across markets.

Visit: https://www.vanguardngr.com/2026/03/fresh-fears-of-higher-petrol-price-as-crude-hits-114-per-barrel/ to read more.

Source: Vanguardngr

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