Blog

  • Israel–Iran War: Petrol Prices Surge Across Africa as Energy Shock Spreads ( Read How 1 litre is Sold Across Africa)

    Israel–Iran War: Petrol Prices Surge Across Africa as Energy Shock Spreads ( Read How 1 litre is Sold Across Africa)

    Petrol prices across several African countries have surged amid the ongoing conflict involving Israel, the United States and Iran, which has disrupted global oil markets and pushed crude prices above $100 per barrel. The crisis is triggering inflation fears and increasing energy costs across the continent.

    Energy analysts say tensions in the Middle East — particularly attacks around the Strait of Hormuz, a critical global oil shipping route — have threatened nearly a fifth of global oil and gas supply, leading to higher fuel prices worldwide.

    Across Africa, where many countries rely heavily on imported refined petroleum products, motorists are already feeling the impact of the rising global oil prices.

    Petrol Prices Across Selected African Countries

    Recent data shows wide variations in pump prices across the continent.

    Country Petrol Price (Approx. per litre in Naira equivalent)

    Libya ₦34.20
    Angola ₦465.98
    Algeria ₦508.73
    Egypt ₦658.35
    Nigeria ₦1,142.85
    Sudan ₦997.50
    Ethiopia ₦1,202.70
    Tunisia ₦1,239.75
    Niger ₦1,262.55
    Liberia ₦1,296.75
    Ivory Coast ₦2,074.80
    Cameroon ₦2,121.83
    Burkina Faso ₦2,151.75
    Seychelles ₦2,158.88
    Sierra Leone ₦2,317.05
    Senegal ₦2,328.45
    Zimbabwe ₦2,436.75
    Central African Republic ₦2,651.92
    Malawi ₦4,074.00

    Libya currently has the cheapest petrol in Africa, largely due to heavy government subsidies, while Malawi records the highest prices due to heavy import dependence and transport costs.

    Nigeria and Other African Economies Under Pressure

    Nigeria, Africa’s largest oil producer, is also experiencing rising petrol prices despite its crude production. Pump prices have crossed ₦1,000 per litre in several states, with some locations recording as high as ₦1,250 due to supply disruptions and global price fluctuations.

    Experts note that while oil-exporting countries such as Nigeria, Angola and Algeria may benefit from higher crude revenues, the broader economic impact could still be negative because many African nations import refined petroleum products.

    Inflation Risks Loom

    Central banks and policymakers across Africa warn that the oil shock could derail economic recovery by raising transport costs, food prices and production expenses. Countries such as Kenya, Ethiopia and Zambia are already taking measures to secure fuel supplies and mitigate the economic impact.

    With tensions in the Middle East still escalating, analysts warn that prolonged disruptions could push oil prices even higher, further straining African economies and deepening the cost-of-living crisis across the continent.

  • CLE Approves 114 Universities to Run Law Programmes in Nigeria, Warns Against Unauthorised Admissions

    CLE Approves 114 Universities to Run Law Programmes in Nigeria, Warns Against Unauthorised Admissions

    The Council of Legal Education (CLE) has released the official list of 114 universities authorised to run law programmes in Nigeria, warning institutions against admitting students into unapproved programmes.

    In a circular issued on Friday, the council stated that only the listed universities are permitted to admit students into the Bachelor of Laws (LL.B) programme across the country.

    The notice, signed by the council’s Secretary and Director of Administration, Aderonke Osho, cautioned that universities operating law programmes without approval would face sanctions.

    According to the council, students admitted into unaccredited law programmes will not be eligible for admission into the Nigerian Law School, which is required for qualification as a legal practitioner in Nigeria.

    “The public is further informed that any university that admits students into a law programme without the approval of the Council of Legal Education is acting contrary to the provisions regulating legal education in Nigeria and will be subject to appropriate sanctions,” the circular stated.

    The council added that it will continue to update the list in line with its mandate to regulate legal education and maintain professional standards.

    Full List of 114 Universities Approved to Run Law Programmes in Nigeria

    Federal Universities

    Ahmadu Bello University, Zaria

    Alex Ekwueme Federal University Ndufu-Alike, Ebonyi

    Federal University Dutsin-Ma, Katsina

    Federal University Lokoja, Kogi

    Federal University Otuoke, Bayelsa

    Federal University Wukari, Taraba

    Modibbo Adama University, Yola

    University of Abuja

    University of Benin

    University of Calabar

    University of Ibadan

    University of Ilorin

    University of Jos

    University of Lagos

    University of Maiduguri

    University of Nigeria, Nsukka

    University of Port Harcourt

    University of Uyo

    Usman Danfodio University, Sokoto

    State Universities

    Abia State University

    Adamawa State University

    Adekunle Ajasin University

    Ambrose Alli University

    Bauchi State University

    Bayero University Kano

    Chukwuemeka Odumegwu Ojukwu University

    Delta State University

    Ebonyi State University

    Ekiti State University

    Enugu State University of Science and Technology

    Gombe State University

    Imo State University

    Kwara State University

    Lagos State University

    Nasarawa State University

    Niger Delta University

    Northwest University Kano

    Olabisi Onabanjo University

    Osun State University

    Plateau State University

    Prince Abubakar Audu University

    Rivers State University

    Taraba State University

    Umaru Musa Yar’Adua University

    Yobe State University

    Notable Private Universities on the List

    Afe Babalola University

    American University of Nigeria

    Babcock University

    Baze University (moratorium on admission)

    Bowen University

    Caleb University

    Crescent University

    Elizade University

    Godfrey Okoye University

    Igbinedion University

    Joseph Ayo Babalola University

    Madonna University

    Nile University Abuja

    Redeemer’s University

    Veritas University Abuja

    Wesley University Ondo

    (The complete list includes 114 universities as approved by the Council.)

    Universities with Admission Moratorium

    The council also placed temporary admission restrictions on some institutions:

    Baze University – 3-year moratorium (2023/2024–2025/2026)

    Lead City University – 5-year moratorium (2023/2024–2027/2028)

    Nigeria Police Academy – 2-year moratorium (2024/2025–2025/2026)

    The Council of Legal Education

    The Council of Legal Education is the statutory body responsible for regulating legal education in Nigeria. Established under the Legal Education Act, it oversees the Nigerian Law School and ensures uniform standards in the training of lawyers across the country.

  • Banks to Deny Credit to Debtors as CBN Enforces Strict Lending Rules

    Banks to Deny Credit to Debtors as CBN Enforces Strict Lending Rules

    The Central Bank of Nigeria (CBN) has issued a directive to deposit money banks to tighten restrictions on borrowers who fail to repay their loans, in a move aimed at strengthening credit discipline and safeguarding the stability of the country’s financial system.

    Under the new directive, banks have been instructed to deny fresh credit facilities to individuals and companies listed as loan defaulters in the banking system. The apex bank said the measure is designed to curb the rising cases of non-performing loans and ensure that borrowers meet their repayment obligations.

    According to the directive, financial institutions must verify the credit status of customers through the Credit Risk Management System (CRMS) and other licensed credit bureaus before approving new loans or financial guarantees. Borrowers with outstanding non-performing loans will not be eligible for additional credit facilities until such debts are settled.

    The restriction also extends to other banking services that create financial exposure for banks. These include letters of credit, bankers’ confirmations, performance bonds, and advance payment guarantees.

    The CBN stressed that the policy is particularly targeted at large obligors whose unpaid debts could pose significant risks to the banking sector if left unchecked.

    Industry analysts say the directive is part of broader efforts by the apex bank to strengthen risk management in Nigeria’s banking industry and encourage responsible borrowing. They note that stricter credit checks and enforcement measures could help reduce the volume of bad loans in the financial system.

    The latest move signals the regulator’s determination to maintain financial stability while ensuring that borrowers adhere to agreed loan repayment terms.

  • Nigerian Troops Neutralise ISWAP Commander in Yobe Operation

    Nigerian Troops Neutralise ISWAP Commander in Yobe Operation

    Troops of Operation Hadin Kai have shot dead a commander of the Islamic State West Africa Province (ISWAP) during a counter-insurgency operation in Yobe State, in what security sources describe as another significant blow to terrorist activities in Nigeria’s North-East.

    Military sources disclosed that the operation was carried out following intelligence on the movement of insurgents in parts of Yobe, where troops engaged the terrorists in a gun battle. During the encounter, the ISWAP commander was neutralised while several fighters reportedly fled with gunshot wounds.

    The operation forms part of intensified offensives by troops under Operation Hadin Kai, the joint military task force mandated to combat insurgency across the North-East region.

    Security officials said the elimination of the commander is expected to disrupt the group’s operational coordination in the area, as commanders often play key roles in planning attacks and maintaining communication among fighters.

    In recent months, the Nigerian military has stepped up land and air operations targeting insurgent enclaves in Borno, Yobe and surrounding communities, leading to the killing of several high-profile commanders and the destruction of terrorist hideouts.

    ISWAP, a splinter faction of Boko Haram, has remained active around the Lake Chad basin, carrying out attacks on military formations and civilian communities.

    Military authorities have reiterated their commitment to sustaining pressure on terrorist groups until peace and stability are fully restored in the region.

  • The Physician Who Stepped Forward When Nations Needed Leadership by FAROUQ GAGARAWA

    In public service, some careers are defined by titles. Others are defined by moments when leadership becomes a national necessity.

    The professional journey of Dr. Nasir Sani Gwarzo, mni, NPOM belongs to the latter. For decades, he has stood at the intersection of medicine, public health policy, and national service, bringing to every responsibility not merely administrative competence, but the analytical discipline of a physician and the calm precision required in moments of crisis.

    Even after his retirement from the Nigerian civil service in March 2025, his career remains a compelling example of how technical expertise and strategic leadership can shape a nation’s response to complex health challenges.

    Few professional paths demand the combination of scientific rigor, operational discipline, and rapid decision-making required during disease outbreaks. During critical moments in Nigeria’s public health history, including the global shocks of Ebola virus disease and COVID-19, Dr. Gwarzo played roles that reflected not only administrative authority but also clinical understanding of disease dynamics and response coordination.

    Outbreak response is rarely visible to the public. Behind every successful containment strategy lies a network of epidemiologists, clinicians, laboratories, surveillance systems, and policymakers. Professionals like Dr. Gwarzo operate within that complex system, translating scientific evidence into actionable policy while ensuring that national response mechanisms remain coordinated, disciplined, and effective.

    His contributions during these periods reflected a physician’s commitment to protecting populations and strengthening institutional response capacity.

    Long before global attention turned to environmental health hazards in developing economies, Dr. Gwarzo had already engaged in research examining occupational exposure risks. One of his notable academic works assessed worksite soil and blood lead levels among battery reclamation workers compared with non-battery reclamation workers in Kano State.

    The research addressed a critical but often overlooked question: how industrial activities, when poorly regulated, can expose workers and communities to dangerous heavy metals. By documenting exposure patterns and potential health implications, the study contributed to growing awareness about lead toxicity, occupational safety, and the importance of environmental monitoring in industrial zones.

    Such work reflects the mindset of a physician who sees health not only within hospital walls but within the broader ecosystem of environment, labor, and community wellbeing.

    Dr. Gwarzo’s public service career extended beyond health institutions. As a senior civil servant who served as Permanent Secretary across multiple federal ministries, he brought his medical training into policy environments that demanded strategic management and institutional reform.

    In each role, he demonstrated a pattern that colleagues often associate with his leadership style: the ability to introduce new ideas, system improvements, and operational innovations while maintaining professional discipline within complex bureaucratic systems.

    This cross-sector experience strengthened his ability to connect public health priorities with national development frameworks, an increasingly essential skill in modern governance.

    Titles, awards, and appointments tell only part of a story. Those who have worked closely with Dr. Gwarzo often speak of qualities less visible in official records—his calm demeanor, disciplined intellect, and quiet commitment to mentorship.

    Across professional circles, younger public health practitioners and medical professionals frequently reference him as a model of ethical leadership in public service. His career demonstrates that influence is not always loud; sometimes it is measured through the number of professionals inspired to pursue excellence and integrity.

    Perhaps one of the most touching recognitions of his influence is the establishment of the Dr. Nasir Sani Gwarzo Fellowship for Sickle Cell Warriors, organized by the Salfar Sickle Aid Initiative (Lead Warrior Academy).

    The fellowship celebrates courage, resilience, and leadership among individuals living with sickle cell disease, while encouraging advocacy, mentorship, and capacity building. By attaching his name to a platform dedicated to empowering young people confronting health challenges, the initiative reflects how leadership can extend beyond official office into lasting social impact.

    In an era defined by emerging diseases, climate-related health risks, and fragile health systems, nations increasingly rely on leaders who understand both medicine and governance. Professionals who can bridge these worlds, combining scientific expertise with institutional leadership, remain indispensable.

    The career of Dr. Nasir Sani Gwarzo demonstrates precisely that rare combination. And while his formal service within government has concluded, the knowledge, experience, and leadership he represents remain a national asset—one that continues to inspire confidence among colleagues, professionals, and institutions that value competence, integrity, and public service.

  • NELFUND Extends Student Loan Application Window

    NELFUND Extends Student Loan Application Window

    The Nigerian Education Loan Fund (NELFUND) has announced an extension of the application window for the Federal Government’s student loan scheme, giving more eligible Nigerian students the opportunity to apply for financial support for their tertiary education.

    The agency disclosed that the decision to extend the deadline followed requests from students and institutions seeking additional time to complete their applications and documentation on the loan portal.

    According to NELFUND, the extension is aimed at ensuring that more qualified students across universities, polytechnics and colleges of education benefit from the scheme designed to ease the financial burden of higher education in the country.

    The student loan programme, introduced under the administration of President Bola Ahmed Tinubu, is part of broader reforms to improve access to tertiary education and support indigent students nationwide.

    Officials of the fund urged prospective applicants who are yet to complete their registration to take advantage of the extension and submit their applications through the official portal before the new deadline.

    They also encouraged students to ensure that all required information, including institutional verification and personal details, are accurately provided to avoid delays in processing their applications.

    The NELFUND initiative provides interest-free loans to cover tuition fees and in some cases stipends for eligible students in approved tertiary institutions across Nigeria.

  • Ending Foreign Dominance: FG Releases 82 Nigerian Textbooks for Tertiary Schools

    Ending Foreign Dominance: FG Releases 82 Nigerian Textbooks for Tertiary Schools

    The Federal Government has unveiled 82 locally authored academic textbooks for use in Nigeria’s tertiary institutions as part of efforts to strengthen teaching, research and reduce reliance on foreign publications.

    The books were developed under the Higher Education Book Development Intervention Project of the Tertiary Education Trust Fund (TETFund) and formally presented by the Minister of Education, Tunji Alausa, in Abuja.

    Speaking at the unveiling ceremony, the minister described the initiative as a strategic step toward improving the quality of academic resources in universities, polytechnics and colleges of education across the country. He noted that the project was designed to encourage Nigerian scholars to contribute more to global knowledge while addressing local educational needs.

    According to him, the textbooks cover a wide range of disciplines including science, technology, engineering, social sciences and humanities, which are critical to national development and innovation.

    Alausa explained that the initiative would help tackle the long-standing challenge of overdependence on foreign academic materials used in Nigerian tertiary institutions. He added that many imported textbooks are often expensive and sometimes lack relevance to Nigeria’s socio-economic realities.

    The minister also commended TETFund for supporting academic publishing in Nigeria, noting that the intervention would not only enrich teaching and learning but also promote indigenous scholarship and intellectual development within the country.

    The Executive Secretary of the Tertiary Education Trust Fund said the programme was part of broader efforts to improve the quality of higher education in Nigeria by supporting research, academic writing and knowledge production among Nigerian academics.

    He noted that more textbooks are expected to be produced in subsequent phases of the programme to ensure that tertiary institutions are adequately equipped with relevant learning materials.

    Education stakeholders have welcomed the initiative, describing it as a significant move that could strengthen Nigeria’s academic publishing industry and enhance the global visibility of Nigerian scholars.

    The Federal Government expressed optimism that the introduction of locally authored textbooks would improve the standard of teaching and learning in the country’s higher education institutions while fostering greater academic independence.

  • President Tinubu Deploys 65 Ambassadors Worldwide to Strengthen Nigeria’s Diplomatic Footprint

    President Tinubu Deploys 65 Ambassadors Worldwide to Strengthen Nigeria’s Diplomatic Footprint

    President Bola Ahmed Tinubu has approved the posting of 65 Nigerian ambassadors and high commissioners to various countries and international organisations across the globe in a major move aimed at strengthening Nigeria’s diplomatic presence and advancing its foreign policy objectives.

    The deployment comes months after the recall of several envoys and follows the confirmation of nominees by the Nigerian Senate. The ambassadorial list comprises 31 career diplomats and 34 political appointees, who are expected to represent Nigeria’s interests, promote trade, and deepen bilateral relations with host nations.

    Among the notable postings, former presidential aide Senator Grace Bent was assigned to Togo, while Senator Ita Enang will serve as Nigeria’s ambassador to South Africa. Former Abia State governor Victor Okezie Ikpeazu was posted to Spain, while media personality Reno Omokri was designated ambassador to Mexico.

    Former Chief of Naval Staff Vice Admiral Ibok-Ete Ekwe Ibas will head Nigeria’s mission in the Philippines, while former Interior Minister Lt. Gen. Abdulrahman Bello Dambazau (retd.) was posted to China.

    Also on the list, businessman and politician Jimoh Ibrahim was appointed Permanent Representative to the United Nations, while former Aviation Minister Femi Fani-Kayode was designated ambassador to Germany.

    Other prominent appointments include Isaac Folorunso Adewole to Canada, Olufemi Pedro to Australia, and Yakubu N. Gambo to Saudi Arabia.

    According to government sources, the newly posted ambassadors are expected to resume duties in their respective countries after completing diplomatic briefings and documentation at the Ministry of Foreign Affairs Nigeria.

    The fresh postings are seen as part of President Tinubu’s broader diplomatic strategy to reposition Nigeria on the global stage, attract foreign investments, and strengthen partnerships with key allies.

    Full List of Ambassadorial Postings

    1. Grace Bent — Togo
    2. Ita Enang — South Africa
    3. Victor Okezie Ikpeazu — Spain
    4. Nkechi Linda Ufochukwu — Israel
    5. Mahmood Yakubu — Qatar
    6. Paul Oga Adikwu — Vatican City
    7. Ibok-Ete Ekwe Ibas — Philippines
    8. Reno Omokri — Mexico
    9. Abasi Braimah — Hungary
    10. Angela Adebayo — Portugal
    11. Oluwayimika Ayotunwa — Japan
    12. Ifeanyi Lawrence Ugwuanyi — Greece
    13. Chioma Priscilla Ohakim — Poland
    14. Aminu Dalhatu — United Kingdom
    15. Abdulrahman Bello Dambazau — China
    16. Tasiu Musa Maigari — Gambia
    17. Olufemi Pedro — Australia
    18. Muhammed Ubandoma Aliyu — Argentina
    19. Lateef Kayode Are — United States
    20. Joseph Sola Iji — Russia
    21. Jimoh Ibrahim — United Nations
    22. Femi Fani-Kayode — Germany
    23. Florence Ajimobi — Austria
    24. Isaac Folorunso Adewole — Canada
    25. Lola Akande — Sweden
    26. Ayodele Oke — France
    27. Yakubu N. Gambo — Saudi Arabia
    28. Abdussalam Habu Zayyad — Senegal
    29. Haidara Mohammed Idris — Netherlands
    30. Olusegun Ayeni — Turkey
    31. Adeyemi Adebayo Emmanuel — Italy
    32. Ogechukwu Kingsley Onaga — Belgium
    33. Magaji Umar — United Arab Emirates
    34. Mohammed Saidu Dahiru — Egypt
    35. Abdul Salam Abus Zayat — Kuwait
    36. Shehu Lawan — Niger
    37. Aminu Nasu — Morocco
    38. Abubakar Musa — Algeria
    39. Jen Adams Ni Okun — Cameroon
    40. Endoni Sindup — Ghana
    41. Ahmed Mohammed Monguno — Chad
    42. Clark Omeru Alexandra — Brazil
    43. Chima J. Leoma Davies — South Korea
    44. Yvonne Ehinose Oduma — Norway
    45. Wasa Shogun Ige — Denmark
    46. Mohammed Mahmoud Lele — Malaysia
    47. Monica Okochukwu Enpeji — Indonesia
    48. Maimuna Ibrahim — Ethiopia
    49. Mwaobiola Ezeuwo Chukwuemeka — Kenya
    50. Adeyinka Asekun — Switzerland
    51. Usman Sarki — Austria
    52. Ahmed Sule — Sudan
    53. Bulus Lolo — South Sudan
    54. Ibrahim Moddibbo — United Arab Emirates
    55. Suleiman Sani — Pakistan
    56. Hamid Ahmed — Bangladesh
    57. Ibrahim Tukur — Thailand
    58. Kabiru Musa — Malaysia
    59. Haruna Ginsau — Indonesia
    60. Bello Kazaure — Tanzania
    61. Sadiya Umar — Rwanda
    62. Zainab Mohammed — Namibia
    63. Ahmed Jidda — Botswana
    64. Lawal Kazaure — Angola
    65. Bashir Wali — Côte d’Ivoire
  • Fresh Controversy as Newly Released Epstein Files Contain Allegations Against Trump

    Fresh Controversy as Newly Released Epstein Files Contain Allegations Against Trump

    Fresh controversy has erupted in the United States following the release of previously undisclosed documents related to disgraced financier and convicted sex offender Jeffrey Epstein, which contain allegations involving former U.S. President Donald Trump.

    The documents, released by the United States Department of Justice as part of ongoing transparency efforts into the Epstein investigation, include summaries of interviews conducted by the Federal Bureau of Investigation (FBI) with a woman who alleged sexual misconduct involving both Epstein and Trump several decades ago.

    According to the interview records, the woman told investigators in 2019 that Epstein introduced her to Trump in the 1980s when she was a teenager between the ages of 13 and 15. She claimed that during one encounter, Trump attempted to force her to perform a sexual act.

    Investigators reportedly interviewed the woman multiple times, and the allegations were documented in internal FBI memos that were among the materials recently made public.

    However, officials from the Justice Department stressed that the claims remain uncorroborated allegations contained in investigative files and have not been proven in court. Authorities noted that such records often include statements from witnesses that may not necessarily be supported by independent evidence.

    Trump has strongly denied any wrongdoing, describing the accusations as baseless. The former president has previously acknowledged that he knew Epstein socially in the 1990s but insisted that he cut ties with him years before Epstein’s legal troubles became public.

    The release of the documents has intensified political debate in Washington, with lawmakers demanding fuller disclosure of remaining Epstein-related records. Members of Congress have called for greater transparency regarding how the files were handled and why some documents were not released earlier.

    The renewed attention comes years after Epstein’s arrest and death in federal custody in 2019, a case that triggered global scrutiny over his network of wealthy and powerful associates.

    Analysts say the latest disclosures are likely to fuel further investigations and public debate as authorities continue reviewing millions of pages of materials linked to the Epstein case.

    Despite the renewed controversy, legal experts emphasize that no criminal charges have been filed against Trump in relation to the newly released documents, and the allegations remain unproven.

  • Nigeria’s Net Reserves Surge 772% in Two Years to $34.8bn as Reforms Boost Investor Confidence

    Nigeria’s Net Reserves Surge 772% in Two Years to $34.8bn as Reforms Boost Investor Confidence

    Nigeria’s net foreign exchange reserves have recorded a remarkable increase of 772 percent within two years, rising from $3.99 billion in 2023 to $34.8 billion in 2025, a development attributed to sweeping economic and foreign exchange reforms implemented by the Central Bank of Nigeria.

    Governor of the Central Bank of Nigeria, Olayemi Cardoso, disclosed the figures while highlighting the progress made in stabilising Nigeria’s external sector and restoring confidence in the country’s financial system.

    According to Cardoso, the sharp rise in the nation’s net reserves reflects improved foreign exchange inflows, enhanced reserve management and renewed investor confidence following key policy adjustments introduced by the administration of President Bola Ahmed Tinubu.

    The reforms include the unification of the foreign exchange market, removal of distortions caused by multiple exchange rates, and efforts to clear outstanding foreign exchange obligations owed to investors and airlines.

    Economic analysts note that these measures have helped attract foreign portfolio investors back into the Nigerian market while boosting dollar inflows from diaspora remittances, oil exports and other non-oil sectors.

    The apex bank also attributed the growth to improved transparency in foreign exchange management and more prudent handling of financial instruments such as currency swaps and forward contracts.

    The increase in reserves is expected to strengthen the country’s ability to defend the naira, meet external payment obligations and enhance overall macroeconomic stability.

    Experts say the development could further bolster investor confidence in Africa’s largest economy, particularly as the government continues to pursue fiscal and structural reforms aimed at stimulating growth and stabilising the financial system.

    With the surge in reserves, Nigeria is believed to be gradually rebuilding its economic buffers while positioning itself to better withstand global financial shocks and volatility in oil prices.