Nigeria is moving to shield motorists from another petrol price shock, proposing a temporary cap of about ₦1,350 per litre as global oil prices surge amid escalating Middle East tensions. Finance Minister Taiwo Oyedele said the government wants refiners and fuel importers to absorb temporary increases in their costs, allowing them to recover losses when…
ANNIE ALLEN (UK Bureau Chief) Oil prices surged more than 5% on Thursday as fears over a widening Iran conflict and mounting disruptions to global supplies sent shockwaves through the energy market. Brent crude climbed as high as $5 a barrel before paring gains after US President Donald Trump said Washington would not launch an…
MIRIAM LAWAL South African motorists, commuters and businesses are bracing for another painful financial squeeze as steep fuel price increases take effect from October 7, with the National Automobile Dealers’ Association (NADA) warning that the shock will deepen already mounting affordability pressures. Petrol prices are set to jump by R3.12 per litre for 93 octane…
ANNIE ALLEN (UK Bureau Chief) Global oil prices fell sharply on Monday, with Brent crude briefly dropping below $100 a barrel as investors reacted to signs of potentially increased Saudi exports and hopes for diplomatic movement between the United States and Iran. Brent crude futures for November fell as low as $99.51 per barrel, marking…
