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Crude oil price draws closer to $110 per barrel
Global crude oil prices are edging closer to the $110 per barrel mark, sparking fresh concerns across energy markets and import-dependent economies.
Brent crude, the international benchmark, has continued its upward trajectory amid escalating geopolitical tensions in the Middle East, tightening supply conditions, and sustained demand from major economies.
As of yesterday, Brent Crude was sold for $108.3 per barrel amidst growing fears of supply disruptions in a region that accounts for a significant share of global oil output.
Market watchers note that production constraints among key oil-producing nations, alongside cautious output policies by the Organization of the Petroleum Exporting Countries and its allies, have further tightened supply, pushing prices upward.
For oil-exporting countries like Nigeria, the surge presents a mixed outlook. While higher crude prices could boost government revenues and foreign exchange earnings, they also translate to increased domestic fuel costs, especially in economies still reliant on imported refined petroleum products.
Marketers under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), had predicted that a litre of PMS could hit N2000 per litre amidst surge in fuel prices.
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Watch moment FCT minister Wike being conferred with title of Abuja Hasken, Light of Abuja by FCT Traditional Council led by Ona of Abaji (Video)
Watch moment FCT Minister, Nyesom Wike, being conferred with the title of Hasken Abuja (The Light of Abuja) today, by the FCT Traditional Council led by The Ona of Abaji, Dr Adamu Baba Yunusa.
It’s indeed a well deserved title as truly Wike brought light to the Territory.
Watch:
The Nigerian National Petroleum Company Limited has increased the premium motor spirit price after Dangote Refinery raised its gantry price.
A market survey by DAILY POST on Thursday showed NNPCL outlets in Abuja and its environs have adjusted their petrol pump price to N1,364 per liter from N1,295. This means that the state-owned oil firm hiked petrol by N69 per liter.
The latest fuel prices have been implemented at Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Zone 4 NNPCL filling stations in Abuja.
“We adjusted our pump price to N1364 per liter from N1295 this morning, an attendant said.
Filling stations in Abuja, such as MRS, BOVAS, and others, have raised their petrol price to between N1365 and N1370 per liter.
Recall that Dangote Refinery had on Wednesday increased its fuel gantry price by N75 to N1,275 per liter from N1,200 due to a hike in crude oil price to above $115 per liter.
Troops of the Nigerian Army have successfully foiled a late-night attack by suspected ISWAP/JAS terrorists in Biu Local Government Area of Borno State.
The development was contained in a post shared on Thursday on X by security analyst , Zagazola Makama.
According to the post, the incident happened at about 11:40 p.m. on April 27 when troops of the 162 Amphibious Battalion detected movement of suspected insurgents approaching their position at Mandaraguirau.
Accordibg to Makama who quoted security sources, the attackers were travelling on about 30 motorcycles and were advancing through the Diwa Kamda and Diwa Mbula axis before they were spotted through surveillance systems.
The troops were said to have immediately engaged the group with firepower, forcing them to retreat without reaching their target or making contact.
The attackers reportedly fled after coming under heavy resistance from the soldiers.
The sources added that the quick response by the troops prevented what could have been a coordinated attack on the area.
Watch moment FCT minister Wike being conferred with title of Abuja Hasken, Light of Abuja by FCT Traditional Council led by Ona of Abaji (Video)
BREAKING: NNPCL jerks up fuel price
Troops halt late-night terrorist attack in Borno
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