Nigeria's Fuel Prices Surge Amid Middle East Tensions

On Tuesday, petrol prices in Nigeria rose to N937 per liter, influenced by escalating tensions in the Middle East, particularly involving the United States, Iran, and Israel. This spike prompted the Petroleum Product Retail Outlet Owners Association of Nigeria to call for urgent government action to ensure a steady supply of crude oil, especially from Dangote Refinery.

The refinery adjusted its prices to N874 and N774 due to changes in global crude fundamentals. The ongoing military escalations have significantly disrupted the global energy market, with analysts projecting oil prices could exceed $100 per barrel.

Gilli Harri, president of the association, expressed concern over the potential impact on Nigeria's petroleum sector and urged the government to prioritize local refining capabilities to stabilize domestic fuel prices and reduce reliance on imports. The association also called for a revamp of government-owned refineries to restore full operational capacity.