Photo: Ayatollah Ali Khamenei, Iran Supreme Leader, killed in US/Israel attack
By Douglas Maha, Abujua
Petrol prices have surged across Nigeria, piling fresh pressure on households and businesses as escalating tensions in the Middle East send shockwaves through global energy markets.
The conflict involving Israel, Iran and the United States under President Donald Trump has raised fears of disruptions to oil supplies from one of the world’s most important energy-producing regions. Traders are increasingly worried about the safety of shipping through the Strait of Hormuz, a strategic waterway through which a significant share of global crude oil exports passes.
Brent crude price hovered around the $80 mark – the highest since June 2025, with indications that it could rise further with the US and Israel continued bomabarding of Iran.
Those concerns have driven crude prices higher on international markets, triggering increases in fuel costs across several countries. Energy analysts say the conflict has already injected volatility into global oil prices, affecting economies that depend heavily on imported refined petroleum products.
Nigeria is among the most vulnerable. Despite being one of Africa’s largest crude oil producers, the country still relies on imported petrol, leaving pump prices exposed to fluctuations in global energy markets.
Across Nigeria’s major cities, the effect is already visible. Petrol in Lagos is selling between about ₦835 and ₦937 per litre at many filling stations, while prices in Abuja range from roughly ₦839 to ₦960 per litre depending on supply conditions. In some northern states, including Sokoto and Katsina, the price has climbed above ₦1,000 per litre due to transportation costs and tighter supply.
The rise in petrol prices is quickly feeding into other sectors of the economy. Commercial transport operators in cities such as Lagos, Abuja and Port Harcourt have begun raising fares, increasing commuting costs for millions of Nigerians. Traders moving food items from rural farms to urban markets are also facing higher transportation expenses, pushing up the price of basic commodities.
Small businesses are particularly exposed. Many enterprises rely on petrol-powered generators because of Nigeria’s unreliable electricity supply, meaning higher fuel costs translate directly into rising operating expenses and shrinking profit margins.
Globally, the conflict is fueling broader economic concerns. Higher oil prices are increasing transportation and manufacturing costs in many countries, raising fears that inflation could rise again in major economies already struggling with high living costs.
Energy analysts warn that prolonged instability in the Middle East could tighten global oil supplies further, driving up fuel prices and affecting economic growth worldwide.
For Nigeria, the latest spike underscores the risks of relying heavily on imported refined fuel. Until domestic refining capacity improves significantly, international crises affecting oil markets will continue to translate directly into higher petrol prices and deeper economic strain at home.
