Petrol prices across Nigeria have surged close to ₦1,000 per litre, as the Iran-Israel conflict pushes crude oil prices to multi-month highs. Marketers warn that more hikes may follow unless tensions ease.
- Fuel now sells for ₦955–₦960/L in cities like Abuja, Lagos, and Kano.
- Dangote Refinery raised ex-depot prices from ₦825 to ₦880.
- Global oil prices spiked after U.S. strikes on Iranian nuclear sites.
- Marketers cite Brent crude rising to $78.50/barrel, the highest since January.
- Transport fares and the cost of living are expected to rise nationwide.
- IPMAN urges Nigerians to prepare for more fuel price volatility.
The ripple effects of war are now pumping straight into the tanks of everyday Nigerians. What began as geopolitical tension in the Middle East is now a kitchen-table crisis in Nigeria, with transport costs surging and household budgets tightening. Although the rising oil price means more forex inflows for Nigeria, it also deepens local economic strain in a deregulated fuel market.
Until diplomacy defuses the Iran-Israel standoff, Nigerians should brace for an uncertain future.
