The growing conflict between the United States, Israel, and Iran has caused a sharp rise in global oil prices, and this is already affecting petrol prices in Nigeria.
On Monday, Brent crude oil jumped by more than 8 per cent to above $95 per barrel. This is the highest price recorded since late 2024. The increase followed reports of Israeli airstrikes on Iranian oil facilities and missile exchanges around the Strait of Hormuz, a very important oil route in the Middle East.
As a result of the global price surge, the Dangote Petroleum Refinery raised its petrol gantry price from ₦774 to ₦875 per litre. This means fuel marketers who buy directly from the refinery will now pay more, and the higher cost is expected to be passed on to consumers. Filling stations across Nigeria are likely to adjust their pump prices in the coming days.
Currently, NNPC retail outlets in Abuja are selling petrol at ₦875 per litre. Other stations, including partners like MRS, may now sell between ₦890 and ₦900 per litre to cover transportation costs, taxes, and other expenses.
US President Donald Trump said the conflict could last four to five weeks but warned that a larger phase of the war might still come. Meanwhile, US Defence Secretary Pete Hegseth rejected claims that the war would become endless. Iran’s security chief also ruled out any negotiations with the US and Israel.
Iran produces about 3.3 million barrels of oil per day, which represents about 3 per cent of global supply. More importantly, the country controls the Strait of Hormuz, a narrow waterway through which about 20 per cent of the world’s oil and gas passes daily. Any disruption in that area can quickly affect global energy markets.
Economic experts say Nigeria may benefit from higher oil revenue in the short term.
However, they also warn that rising fuel prices could increase inflation, raise transport fares, and make food and basic goods more expensive.
The overall impact will depend on how well the government manages the situation and strengthens the economy.
