Harry Archie
Global oil prices have increased following renewed military tensions between the United States and Iran, with Brent crude rising to about $79 per barrel.
The increase has raised concerns for countries like Nigeria, which are working to reduce petrol prices for households and businesses.
Higher crude prices usually lead to higher costs for refined petroleum products.
Analysts said fears of a wider conflict in the Middle East have affected the oil market, as the region plays a major role in global oil production and exports.
Oil and gas expert, Dr. Marcel Okeke, said Nigeria needs stronger local refining capacity to reduce its dependence on imported fuel and protect the country from global price shocks.
He urged the government to improve existing refineries and support more local facilities like the Dangote Refinery to ensure a stable fuel supply.
