The cost of crude oil has kept going up in the last week because of attacks on Russian refineries by Ukrainian fighters.
Starting from $82.44 on March 11, the Brent Crude increased to $86.87 on Monday morning.
The WTI crude, previously at $78.13 per barrel on March 12, is now at $81.77 as of Monday morning.
Similarly, the Murban crude went up from $82.78 to $86.90 in the last week.
Nigeria’s Brass River and Qua Iboe were sold at $90.07 on Monday, up from $84.84 on March 11, according to Oilprice.com.
A report by Oilprice.com mentioned that the series of Ukrainian drone attacks on Russian refineries, impacting fuel output in the world’s largest exporter, was a major reason for the increase in crude prices.
As per a Ukrainian intelligence source speaking to Reuters, the Ukrainian domestic security service has targeted 12 Russian oil refineries during the war so far.
The PUNCH found that a gallon of gasoline, which was $2.580 a week ago, now sells for $2.759.
It was observed that prices were changing on Monday, causing uncertainty in the oil market.
The rise in global oil prices is expected to affect the current cost of petrol in Nigeria.
However, it's been reported that government intervention has helped in maintaining the pump price of petrol at an average of N600 per litre.
