Nigeria’s fuel market has been hit with another major shock as the Dangote Refinery increases petrol price to ₦1,245 per litre, following escalating tensions in the Middle East.
The price surge comes amid the ongoing Iran war, which has disrupted global oil supply and pushed crude oil prices upward—directly affecting Nigeria’s downstream petroleum sector.
The latest increase is largely tied to global oil market instability. Reports indicate that the Middle East conflict involving Iran has caused crude oil prices to spike significantly, leading to higher production and refining costs.
According to industry data, crude oil recently climbed above $80 per barrel, triggering fuel price adjustments across Nigeria.
The Dangote Refinery, Africa’s largest, plays a crucial role in Nigeria’s fuel supply. However, despite local refining, prices remain tied to international crude oil benchmarks.
Experts warn that if the Iran conflict persists, petrol prices could climb even higher, possibly exceeding ₦1,300/litre.
The Nigerian government has been pushing for local refining dominance, even suspending fuel import licenses to support domestic supply.
However, the reliance on global crude pricing means Nigerians still feel the impact of international crises.
If tensions ease, prices may drop—as seen recently when petrol fell to around ₦1,075/litre after crude prices declined.
The hike to ₦1,245/litre highlights Nigeria’s vulnerability to global oil shocks despite having local refining capacity. Until the global market stabilizes, Nigerians should brace for continued fluctuations in fuel prices.
For more breaking news on fuel prices, economy, and trending stories, stay locked on Naijavibez.ng
Leave a Reply