The Minister of State for Petroleum Resources, Heineken Lokpobiri, has described the rising cost of petrol as a global challenge, warning that the situation could worsen if the crisis in the Middle East persists.
Lokpobiri said the pressure on consumers’ purchasing power caused by high petrol prices is not limited to Nigeria, noting that Americans and Europeans are also facing similar difficulties.
The Minister attributed the global increase in energy costs to prevailing international market conditions, particularly the ongoing instability in the Middle East.
He warned that a prolonged crisis in the region could further disrupt global energy markets and increase pressure on fuel prices and household purchasing power.
Lokpobiri said the situation highlights the broader impact of developments in the international oil market on consumers across different countries.
