LAGOS, Nigeria: Far from the Middle East war, fallout from oil disruptions is reverberating across the world, unsettling lives from Lagos to Manila as people adjust to fuel price hikes and gas shortages.
Benchmark oil prices are hovering around $100, a surge of around 40 to 50 percent since the war against Iran began to disrupt oil supplies.
Weeks before war broke out, Adeola Sanni, a 36-year-old Nigerian entrepreneur making corporate uniforms in Lagos, had planned to hire an additional worker.
Now those plans are on hold as her budget is eaten up buying petrol to power up generators to run her sewing machines after fuel prices jumped about 20 percent in Africa’s most populous country.
Nigeria’s electricity supply is unstable at the best of times, but has worsened in recent weeks due to gas supply shortages, forcing businesses and households to spend more on private power generators.
