The Heave in Oil prices keeps escalating amidst International steps taken to ease the price

The increase in the price of petroleum hit $113 a barrel recently, making it the highest level since June 2014!

On the 7th of March 2022, the price of petroleum moved to  €1.51. The increase in price became uncontrollable even after the International Energy Agency members decided to release 60million barrels from emergency stockpiles to curb its rise.

The price of US oil increased to $109 a barrel. Petroleum prices in the UK are largely inferred by the price of crude oil. On Monday, the average price of petroleum increased to €1.51 per liter while diesel increased to €1.55.

 White House spokeswoman “Jen Psaki,” declared plainly that “they are prepared to use every method attainable to them to curb the turmoil to global energy supply as a result of President Vladimir Putin's action.

Jay Hatfield, Chief Investment Officer at ICAP said the price heave might not prevail if the crisis in Ukraine becomes more stable.

In Nigeria, Fuel scarcity seems to be on an all high as crowds dominate the filling stations. The price of Diesel is sold for N659 per litre. This, in turn, has to lead to price hike in transportation costs. 

It is expected to go much higher if the Russian - Ukraine Invasion persists.