- Fuel now sells between N910–N960 per litre across Nigerian cities
- Marketers link spike to Iran-Israel war, warn of further hike
- Dangote refinery adjusts price, government silent on subsidy response
The escalating Iran-Israel conflict has triggered a fresh energy crisis in Nigeria, with petrol prices surging dangerously close to ₦1,000 per litre nationwide as oil marketers brace for more volatility in global crude pricing.
Daily Trust findings show that filling stations in Abuja, Lagos, and Kano have already adjusted their pump prices to between ₦910 and ₦960 per litre.
In Abuja, stations like A.A Rano, Mobil, Eternal, and AYM Shaafa are selling PMS at ₦955, while in Kano, some outlets now dispense fuel at ₦960 per litre, the highest level recorded so far.
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This unprecedented price surge comes on the back of worsening Middle East hostilities, after the United States launched coordinated strikes on three Iranian nuclear facilities last weekend.
In retaliation, Iran has vowed a counteroffensive, raising fears of broader conflict and potential disruption to the Strait of Hormuz, through which over 20% of the world’s oil supply flows.
Oil prices have reacted swiftly. Brent crude rose over 11% to hit $78.50, while West Texas Intermediate spiked over 14% to $77.62 — both marking their highest points since January. Analysts fear that if the conflict expands further, crude prices could reach $120–$130 per barrel, according to projections by JP Morgan.
Locally, the rising crude cost has already prompted Dangote Refinery to increase its ex-depot price to ₦880 per litre, up from ₦825.
This price shift has cascaded across major filling stations, leading to a fresh round of retail hikes. Stations such as MRS and AP in Lagos now dispense fuel at ₦925 and ₦910 respectively, despite displaying older prices on their signboards.
“We don’t understand this constant fluctuation anymore,” lamented Aluko Taiwo, a commercial driver in Lagos.
In Kano, independent marketers like AY Maikudi, Aliko Oil, and Fara-fara are leading the new pricing trend. Meanwhile, NNPC stations offer temporary relief at ₦910, but queues have intensified due to demand pressure.
Reacting to the situation, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), warned Nigerians to prepare for further hikes unless there is a diplomatic breakthrough in the Iran-Israel crisis.
“There is a sharp rise in crude oil prices, and this directly affects the price of petroleum products locally,” he said.
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Economic analysts echoed similar warnings. Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), said while the rise in crude prices will boost Nigeria’s forex earnings, it could also fuel domestic inflation and intensify economic hardship.
“The government must act decisively,” Yusuf stated. “Without strategic intervention—possibly through targeted product discounting or forex support—the situation could escalate into a deeper fiscal and social crisis.”
Oil and gas policy expert Dr Dauda Garuba added that the deregulated nature of Nigeria’s downstream sector means the ordinary Nigerian will suffer most from this global energy shock, even as the country earns more from crude exports.
