Global oil prices surged yesterday as Brent crude rose above $90 per barrel, following renewed military strikes between the United States and Iran that disrupted shipments through the Strait of Hormuz.

The recent decline in global crude oil prices has rekindled hope for millions of Nigerians burdened by persistently high fuel costs.

Global crude oil prices fell sharply this week, prompting Dangote Petroleum Refinery and other suppliers to cut petrol prices in Nigeria.

Nigerian crude oil prices surged in Asian trade on Thursday, with Brass River trading at $113 per barrel, significantly higher than Brent crude, which dipped below $95 per barrel.  

Fuel Prices may Soar as Crude Oil Nears $80/barrel The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude. Crude oil is a major commodity that determines the prices of refined...

Petrol Landing Cost Drops to N981 per Litre The landing cost of petrol, has dropped to N981/litre, according to data released by the Major Energies Marketers Association of Nigeria on Thursday. The petrol landing cost, around N1,130 in previous weeks, came down by over N140 as...