Global oil prices skyrocket 9% as Middle East tensions spark supply fears, triggering a massive market panic and the largest single-day jump since 2020.
EBC Financial Group notes Nigeria's key challenge is turning oil production into stable exports, refinery supply, USD inflows, and manageable fuel costs.
EBC Financial Group says the diesel and petrol increases are turning income buffers into upfront operating costs for workers, SMEs, and freight operators.
EBC Financial Group says the R3/litre levy cut is temporary, while Brent-linked diesel costs and weaker ZAR keep inflation and export pressure elevated.