Conflict between Israel and Hamas may affect Nigeria's oil revenues - Experts Experts have stated that the conflict between Israel and ...

 Conflict between Israel and Hamas may affect Nigeria's oil revenues - Experts

Experts have stated that the conflict between Israel and Hamas may cause Nigerians to face challenges in buying fuel even though there has been an increase in the price of fuel in the world, a situation that should help the country's crude oil industry. .

The increase in the price of oil in the world will bring more revenue from the sale of crude oil, the experts said, but at the same time the shortage of oil refineries in Nigeria will lead to higher oil prices for buyers.

The Middle East is home to about one-third of the world's oil production.

Emmanuel Afimia, the founder of Enermics in Lagos, said Nigerians will feel the pain of any increase in the price of fuel because the government has recently suspended the payment of fuel subsidies.

"If there is a disruption in the supply of oil, it will affect Nigerians at home because... oil subsidies have been removed and market conditions determine the price of oil," Afimia said.

"Nigeria needs to prepare for a possible increase in domestic fuel prices," Afimia said.

Although Israel and Palestine are not the biggest oil producers, global oil prices rose 4% on Monday - a sign that prices could rise further, experts said.

In writing, the increase in the price of oil can benefit Nigeria, one of the leading countries in the production of crude oil in Africa.

However, Nigeria does not refine crude oil domestically, it relies on importing it from abroad to meet its needs, said Afimia.

A few months ago, the Nigerian authorities allowed private oil traders to import oil. This is one of the economic reforms made by Nigerian President Bola Tinubu to wean Nigerians from fuel subsidies.

However, on Monday, the Nigerian Oil Company, NNPC, said that the lack of foreign currency is hampering private oil dealers, so only NNPC imports oil.

Chukwudi Odoeme, the founder of the Obiama Africa Network for Development, a non-governmental organization that draws attention to the concerns of citizens, said, "What is happening is that the citizens will face more pressure of life."

In August, Nigerian authorities promised to revive four state oil refineries by the end of 2024.