Iran, the Strait of Hormuz, OPEC and the Dangote Refinery: understanding what is driving the price at the pump. Edge Of The World Petrol price comparison. THE FUEL PRICE STORY STARTS BEYOND NIGERIA When petrol prices rise, the first question many Nigerians ask is simple: why is fuel becoming more expensive when Nigeria is an oil-producing country? The answer begins with understanding how the global petroleum market works. Crude oil is traded internationally. Its price is influenced by global supply and demand, geopolitical developments, shipping routes, refining capacity, currency movements and decisions made by major oil-producing countries. Nigeria produces crude oil, yet the price of the crude used by refineries is influenced by the same international market that affects countries across Europe, Asia, Africa and the Americas. The conflict involving Iran has brought this reality into sharp focus. THE STRAIT OF HORMUZ: WHY THE WORLD IS WATCHING The Strait of Hormuz is one ...
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