There are fresh concerns that petrol prices in Nigeria could rise further after Brent crude oil jumped to about 114 dollars per barrel following a sharp escalation in the United States and Israel war on Iran .
Petrol is already selling for between N1,200 and N1,400 per litre in parts of the country, up from around N730 to N880 per litre before the conflict began on February 28 .
Global prices surged after Israel struck Iran’s South Pars gas field, the world’s largest gas deposit, prompting Iranian missile and drone attacks on energy facilities in Qatar and Saudi Arabia and triggering fears of wider disruption to supplies .
Brent crude rose by about 6.24 percent to 114.08 dollars per barrel, its highest level since May 2022, while US West Texas Intermediate crude climbed to around 96.33 dollars per barrel .
Despite the volatility, domestic prices of liquefied petroleum gas remained relatively stable in Abuja and Lagos, with major outlets such as NIPCO Gas and Shore Gas selling cooking gas at about N1,100 to N1,150 per kilogram, although prices in parts of the South East and South South are as high as N1,500 to N1,800 per kilogram .
The Middle East war has already disrupted supply and pushed Nigerian petrol pump prices to between N1,267 and N1,300 per litre, compared with N730 to N880 before the conflict, as marketers adjust to higher international costs .
Dangote Refinery Plc on March 13 raised its ex gantry price for petrol to N1,175 per litre, saying it buys crude at international benchmark prices and cannot ignore the impact of the global market .
Following increases in Dangote’s ex depot prices, filling stations in Abuja repeatedly adjusted their pump prices, with NNPC Retail moving from N875 to N975 per litre, then to N1,068 and later to N1,161 and N1,267 per litre in quick succession, while private marketer AYM Shafa moved from N880 to N960, then to around N1,098, N1,230 and eventually N1,300 per litre .
Meanwhile, Iran’s military has warned that any further attacks on its energy infrastructure will be met with even stronger retaliatory strikes on the energy facilities of its adversaries and their allies across the region, deepening uncertainty in global oil markets .
To ease the pressure, US Treasury Secretary Scott Bessent said Washington may allow sanctioned Iranian oil that is already at sea to be sold and could also release more crude from America’s strategic reserves, while President Donald Trump has temporarily waived a century old shipping law to help lower energy costs .
Reuters reports that the Trump administration is also weighing plans to deploy thousands of additional US troops to secure oil tanker routes through the Strait of Hormuz and possibly to protect key locations such as Iran’s Kharg Island, though officials acknowledge such moves would be risky .
The Pentagon is seeking about 200 billion dollars in extra funding from Congress to support the war, with Defence Secretary Pete Hegseth saying the conflict has no fixed end date and that President Trump will decide when objectives have been achieved .
Foreign ministers from 12 Arab and Islamic countries have called on Iran to halt its attacks on Gulf states and warned that strikes on energy facilities threaten global security, while Saudi Arabia has said trust in Tehran has completely collapsed and has reserved the right to take military action if necessary .
European leaders, including French President Emmanuel Macron and European Commission Vice President Kaja Kallas, have urged the United States and Iran to start ceasefire talks, warning that continued attacks on Middle East energy infrastructure could have long lasting effects on the world economy and benefit Russia by driving up energy prices .
NATO Secretary General Mark Rutte said allies are in close talks with Washington on how to address security risks in the Strait of Hormuz and protect shared interests .
Commentators quoted in the report say the crisis highlights the need for Nigeria to strengthen local refining, diversify its economy away from oil, build strategic fuel reserves and support vulnerable households, so that external shocks in the global energy market do not translate into uncontrolled hardship at home .
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