Rising Oil Prices: What Is Nigeria Doing with Its Petro-Dollar Windfall?
As global oil prices rose following tensions around the Strait of Hormuz, many Nigerians expected relief at the fuel pump. Instead, prices surged. Fuel prices have skyrocketed by 39.5%, plunging Nigeria into yet another fuel crisis. Located between Oman and Iran, the Strait of Hormuz is considered one of the most critical oil chokepoints in the world, with an estimated…