Trump Defends Oil Price Surge, as Petrol Price rises in Nigeria

As the pump price of petrol continues to climb across Nigeria, President of the United States, Donald Trump, has defended rising global oil prices, saying temporary spikes are a small price to pay for global security and peace.

Trump made the remark in a statement posted on his social media platform, Truth Social, amid heightened tensions surrounding Iran’s nuclear programme and the potential disruption of global oil supply.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump wrote.

The comment comes at a time when global crude oil markets are reacting to escalating geopolitical tensions in the Middle East, particularly involving Iran, a major player in the global energy market.

Analysts say fears of possible disruptions to oil shipments through the strategic Strait of Hormuz, a narrow passage through which roughly a fifth of the world’s oil supply passes daily, have pushed crude prices higher in international markets.

For Nigeria, Africa’s largest oil producer, the development has had mixed implications. While higher crude prices could boost government revenues, it has also translated into rising domestic pump prices of Premium Motor Spirit (PMS), worsening the cost of living crisis for millions of Nigerians.