\n The temporary suspension of loading ensued as global oil markets responded to increased geopolitical risks in the Gulf area.\n <\/p>\n
\n At the time of the decision, Brent crude, the global oil benchmark, temporarily climbed to $120 per barrel ($119.50) before easing slightly to $112.98 on Monday, as markets responded to supply concerns linked to the violence.\n <\/p>\n
\n Much of the fear is focused on the Strait of Hormuz, a small waterway between Iran and Oman through which around one-fifth of the world’s oil exports pass.\n <\/p>\n
Dangote Refinery’s reaction to global oil prices<\/p>\n
<\/p>\n
\n Earlier this month, the Dangote refinery advised Nigerians to brace for another probable increase in petrol prices, stating that the exact adjustment may vary by region.\n <\/p>\n
\n \u201cFollowing the increase by Dangote, the pump price will likely range between N980 and over N1,000 per litre, depending on location and logistics. This is largely the effect of the recent hike in global crude oil prices,\u201d Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, said in a phone interview.\n <\/p>\n
\n At the time, the global price of crude oil stood at $78 per barrel.\n <\/p>\n
\n In the same week, pump prices at certain filling stations had already risen to over \u20a6930 per litre, with forecasts suggesting costs might soar beyond \u20a61,000 per litre from earlier levels of about \u20a6874, which the refinery was still selling at.\n <\/p>\n