Rising petrol prices trigger calls for government relief amid US–Iran conflict

Related posts

Aare Gani Adams seeks UN, AU, US attention on killings in S/West

June 16, 2021

AKINWALE ABOLUWADE

Pressure is being mounted on the Federal Government to roll out economic relief measures. This comes as the escalating conflict between the United States and Iran continues to push up global crude oil prices.

The development triggered a sharp rise in petrol costs across Nigeria.

Stakeholders across the oil and gas industry, the organised private sector, economists and labour unions have urged the government to deploy the anticipated revenue gains from higher crude oil prices to cushion the impact on citizens and businesses.

They warn that the surge in fuel prices is already worsening the economic strain on households and companies.
Some stakeholders have specifically called on the government to consider subsidising petrol pump prices to reduce the burden on consumers.

Petrol prices have risen to between N1,200 and N1,300 per litre in various parts of the country. Industry projections also suggest that prices could climb beyond N1,500 per litre and possibly approach N2,000 per litre if the crisis in the Middle East persists.

With the conflict involving the United States, Israel and Iran entering its third week without any clear path to resolution, analysts fear that crude oil prices may continue their upward trend, further pushing petrol prices beyond the reach of many Nigerians.

Meanwhile, the Dangote Petroleum Refinery has attributed its recent increase in gantry prices to the ongoing hostilities involving the United States, Israel and Iran, noting that the conflict has significantly disrupted global oil market dynamics.