The Federal Government is currently assessing the possible economic impact of the growing conflict in the Middle East on the national economy as the parties involved in the crisis show no signs of backing down soon.
One of the immediate fallouts of the hostilities is the rise in crude oil price to $90 per barrel at the international market and the hike in the cost of petrol in Nigeria to over N1,000 in many parts of the country.
Government has also set in motion machinery to evacuate Nigerians, most of them students, in Iran.
The United States, Israel and Iran remained locked in exchange of missiles and drones for the seventh day running yesterday.
Iran’s President Masoud Pezeshkianvowed in a television broadcast yesterday that his country would never surrender to Israel and the US.Iran’s enemies “must take their wish for the unconditional surrender of the Iranian people to their graves,” Pezeshkian said while US President Dolad Trump threatened that Tehran would be “hit very hard.”
Although this could fetch Nigeria more money, experts say it could also precipitate further rise in the pump price of petrol and cost of living generally.
“The EMT is doing an assessment of this to determine the options,” a well placed source said yesterday in Abuja. The source gave no details.
FG set to evacuate stranded Nigerians from Iran
Dangote Refinery and Petrochemicals (DPRP) had adjusted the gantry price of the Premium Motor Spirit (PMS) to N995 per litre.
The Nigerian National Petroleum Company Limited (NNPCL) yesterday in the Federal Capital Territory (FCT) vended the product at N1,050 per litre while Total sold it at N960/l.
Meanwhile, Etena vended it at N1,069/l and Amasco sold it at N980/l.
The product was easily accessible as there were no queues around any of the retail outlets.
Speaking on the phone with the Independent Petroleum Marketers Association of Nigeria (IPMAN) National President, Alhaji Abubakar Maigandi, he said in terms of importation, the landing cost of petrol was N1,050/litre.
The nation
