Brent crude oil prices surged to $107 per barrel on Thursday, up from about $100 the previous day, raising concerns about a potential increase in petrol prices in Nigeria. Domestic petrol prices have already risen sharply, from about N830 per litre before the Middle East crisis to N1,310 or more in some locations. The price surge follows disruptions to global oil supplies caused by the conflict between the United States and Iran, which has affected tanker movements through the Strait of Hormuz. The Dangote Petroleum Refinery and fuel importers have adjusted their pricing in response to the rising crude oil costs.
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