Nigerian petroleum marketers have warned that retail petrol prices will increase significantly from Tuesday and Wednesday following Dangote Refinery’s hike of its gantry price to N874 per litre. The adjustment, triggered by the escalating Iran-US-Israel conflict, comes as crude oil prices surge amid attacks on Middle East energy infrastructure.
Brent crude rose to $78.50 per barrel, with West Texas Intermediate at $71.84. Independent Petroleum Marketers Association spokesman Chinedu Ukadike projected retail prices could reach N980 to N1,000 per litre, up from current N870 to N899 in Abuja and environs.
He attributed the increase to difficulties moving crude vessels through the Gulf region, putting pressure on global supply. PETROAN National President Billy Gillis-Harry blamed the hostilities, noting Iran’s position as a major crude supplier. The conflict has already disrupted operations, with Iranian attacks hitting Saudi Arabia’s largest refinery and Qatar’s LNG production.
Key Points
The impending price hike will add inflationary pressure on already struggling Nigerian households.
The conflict’s impact on global energy infrastructure directly transmits international volatility to local pumps.
Projected prices nearing N1,000 per litre represent a significant jump from current levels.
Marketers’ assurances against panic buying suggest concerns about potential hoarding.
The crisis highlights Nigeria’s vulnerability to global energy shocks despite domestic refining capacity.
The Iran-US-Israel war’s ripple effects have reached Nigerian petrol pumps, with prices set to soar as global crude volatility and Middle East infrastructure attacks combine to create the perfect storm for energy consumers.
Sources: Marketers’ Statements, Dangote Refinery Announcement
