Nigeria Faces Fuel Price Hike Amid US-Iran Tensions

Fuel prices in Nigeria are set to increase amid escalating tensions between the United States and Iran, which are unsettling the global crude oil market. Analysts, including Kelvin Emmanuel, Chief Executive Officer of Dairi Hill, indicate that the conflict is pushing oil prices higher, directly affecting fuel costs in Nigeria.

Currently, petrol prices range from N824 to N880 per liter, depending on location. The Dangote Petroleum Refinery has reduced its ex-depot price for petrol to N799 and N774 per liter as of February 2026.

However, experts warn that any relief may be short-lived if crude oil prices approach the 90 dollars per barrel mark due to disruptions in tanker movements around the strategic Strait of Hormuz. Nigeria's reliance on imported crude makes local fuel prices vulnerable to international shocks.

Wumi Iledar, a petroleum economist, cautions against panic, emphasizing that Nigeria can no longer shield its citizens from global oil price fluctuations following the removal of fuel subsidies.