Why petrol price may skyrocket in Nigeria

 The price of petrol may skyrocket in Nigeria and other countries across the globe in days ahead.

This is following the deadlock that greeted the peace talk between the United States and Iran.

With the expected truce failing, hopes that petrol price will go down have been dashed.  Instead, there are fears that petrol prices would rather soar in days ahead.

Pump price jumped from around N900 to about N1,350 when the war broke out.

President Donald Trump on Sunday ordered a US naval blockade of the Strait of Hormuz in response to Iran’s “unyielding” refusal to give up its nuclear ambitions during peace talks in Islamabad.

While acknowledging that the marathon negotiations in Pakistan had gone “well” and “most points were agreed to,” Trump said Tehran had refused to concede on the issue of its nuclear program.

“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said on his Truth Social platform.

“Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!”

US Vice President JD Vance left Pakistan without a deal after weekend talks with a team led by Iran’s parliamentary speaker Mohammad Bagher Ghalibaf — the highest-level meeting between the two sides since the 1979 Islamic revolution.

Tehran’s delegation also included Foreign Minister Abbas Araghchi.