Based on the high prices of crude oil which has continuingly increase for the past week resulting to Ukrainian fighters launching and attacks Russian refineries.
On Monday, the Brent Crude oil increased from $82.44 to $86.87.
The WTI crude, which sold at $78.13 per barrel on Tuesday, is now selling at the rate of $81.77 as of Monday morning.
Also, the Murban crude rose from $82.78 to $86.90 in the previous week.
Nigeria’s Brass River and Qua Iboe sold at the rate of $90.07 as of Monday, from $84.84 on March 11, according to Oilprice.com.
Oilprice.com said in there statement that string of Ukrainian drone attacks on Russian refineries which are affecting fuel output in the world’s largest exporter was one major reason for the rise in crude prices.
From the news gathered, the Ukrainian domestic security service was expected to have hit 12 Russian oil refineries during the war so far.
Wakadaily learnt that a gallon of gasoline, which sold at $2.580 a week ago now sells at the rate of $2.759.
It was observed that the prices were irregular as of Monday, creating uncertainties in the oil market.
It is expected that the rise in global oil prices will affect the current price of petrol in Nigeria.
“However, the unannounced intervention of the government is said to have helped in keeping the pump price of petrol at an average of N600 per litre.”
