Oil prices jump to $74/barrel after Israel's attack on Iran, raising fuel costs in Nigeria.

Global oil prices surged by up to 10% after Israel attacked Iran, reaching $74 per barrel, sparking fears of supply disruptions. This has led to predictions of rising fuel prices in Nigeria, where petrol already costs between N870 and N1,100 per liter. The increase is due to Nigeria's heavy reliance on imported oil. Experts warn that if Iran retaliates, prices could climb further, impacting local costs and small businesses. Meanwhile, Nigeria's Dangote Refinery, now operational, has reduced petrol imports by 54%, but global price hikes could still affect local markets.