![]() ![]() This difference amounts to about N644.8 billion monthly given the current consumption of about 52 million litres daily.Īlthough Nigeria had increased its crude oil output by about 110, 000 barrels per day, helping to stabilise the global oil market and pushing the Organisation of Petroleum Exporting Countries (OPEC) output to 27.73 million barrels per day (bpd) in September, analysts are projecting that the ongoing war might disrupt supplies in the Middle East if other countries join, a development which would throw the market into turmoil from today. With PMS trading at $1,023.00 per metric tonne at the international market as naira exchange at about N1,020/$, crude oil price at about $100 per barrel would push the difference between the current pump price and the actual price to about N400. With the dollar already exchanging for over N1,000 at the parallel market while Nigeria’s refineries remained dormant, there are indications that the foreign exchange crisis may worsen as the Nigerian National Petroleum Company Limited may spend the federation’s earnings on importing fuel while other marketers scramble for available dollar to import diesel and aviation fuel. ![]() Hezbollah fired dozens of rockets and shells on Sunday at three Israeli positions in a disputed area along the border and Israel’s military fired back using armed drones.”Īnother sign of possible spread via Reuters: “In Alexandria, two Israeli tourists were shot dead along with their Egyptian guide.” “The flare-up on Israel’s northern border also threatened to draw into the battle Hezbollah, a fierce enemy of Israel’s which is backed by Iran and estimated to have tens of thousands of rockets at its disposal. The war declaration allows the Israeli government to tap into a larger trough of military reserves and also increases the chances of a ground invasion into Gaza.Ī bigger concern on the horizon is the possibility of a broader conflict after “a brief exchange of strikes with Lebanon’s Hezbollah militant group” in the north, according to the AP. The war follows attempts by the US to broker a deal that would normalize Saudi Arabia’s relations with Israel-and ease oil prices. Death toll in Israel had risen to 600 as of Sunday evening while the Gaza Health Ministry said 370 Palestinians have been killed in the second day of the war. Israeli Prime Minister, Benjamin Netanyahu had declared war on Hamas Saturday after the group’s forces poured across the border from Gaza, clashing with Israeli forces and pushing into large sections of territory in the southern part of the country. Just as diesel price is already rising above N1,100 per litre, with the National Bureau of Statistics (NBS) stating that price of Kerosene surged by 57.18 per cent, reaching N1,272.40 per litre in August, manufacturers and households in the face of poor electricity supply are set to face fresh hurdles over the development. ![]()
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