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Higher fuel, transport, food prices loom as crude oil hits $100

Higher fuel, transport, food prices loom as crude oil hits $100

Vanguard· 3h ago· 1 min read

By Udeme Akpan, Energy Editor

Nigeria may be heading for another round of inflationary pressure as crude oil prices climb above $100 per barrel following the escalating conflict between the United States and Iran, raising fears of higher petrol prices, increased transport fares and cost of living.

However, the Federal Government stands to earn significant unbudgeted oil revenue as a result of the development.

Nigeria’s Bonny Light crude traded above the $100 per barrel mark for the first time since May this year amid concerns that the Middle East crisis could disrupt global oil supplies. The region accounts for nearly one-third of the world’s crude exports, and any prolonged disruption is expected to keep prices elevated.

While the surge in oil prices offers a fiscal windfall for Nigeria, economists say the gains may be outweighed by the rising cost of living, as Nigerians are…

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