Petrol prices have surged sharply across Nigeria following the escalation of the US-Israel-Iran conflict, which has disrupted global oil supplies and pushed crude prices higher.
Dangote Refinery on Monday increased its ex-depot price by N100 to N874 per litre from N774, prompting immediate adjustments at filling stations nationwide.
In Abuja, some Nigerian National Petroleum Company Limited (NNPCL) retail outlets raised pump prices to N960 per litre from N875. In Lagos, checks along Ogunnusi Road showed non-NNPC stations adjusting upward, with a Bovas outlet increasing from N835 to N935 per litre.
Many NNPC stations in the area were not dispensing fuel at the time.The price hikes stem from the ongoing Middle East crisis, intensified by a joint US-Israeli strike on Saturday that killed Iran's Supreme Leader Ayatollah Ali Khamenei.
Iran has since launched retaliatory attacks on US military bases and interests in countries including the UAE, Qatar, Bahrain, and Saudi Arabia, severely affecting regional energy infrastructure and maritime routes.
Brent crude oil surpassed $80 per barrel on Monday and was trading at $84.2 on Tuesday, with analysts warning it could exceed $100 if hostilities persist or the Strait of Hormuz, a critical chokepoint for about 20 per cent of global crude and significant LNG shipments faces prolonged disruption.
While higher oil prices boost Nigeria’s export revenues, the impact on domestic consumers is severe, threatening to deepen inflation, raise transportation costs, and worsen economic hardship amid the country's reliance on imported refined products.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) described the situation as a major threat to energy-importing nations like Nigeria.
National President Dr. Billy Gillis-Harry warned that instability in the Strait of Hormuz has heightened global market uncertainty, with ripple effects already visible in rising international benchmarks.
“With deregulation, pump prices track global crude and forex movements closely. Sustained crude increases will inevitably hit retail levels,” Gillis-Harry said.
PETROAN urged the Federal Government to prioritise domestic refining capacity as a shield against external shocks.
The association called for consistent crude supply to local refineries, full rehabilitation of the four state-owned facilities, accelerated implementation of the Naira-for-Crude policy, and stronger diplomatic efforts to de-escalate regional tensions.
Marketers pledged to monitor developments and engage stakeholders to protect consumers from excessive volatility, while emphasising that bolstering local refining is essential for Nigeria’s energy security and economic stability.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com