Nigerians Face Rising Fuel Prices Amid Global Crisis

As the US-Iran conflict and the closure of the Strait of Hormuz disrupt global energy markets, Nigerians are experiencing significant increases in petrol and diesel prices, which have risen above N1,300/litre before settling at N1,200. In contrast, 94 countries have introduced fuel subsidies and other price-support measures to alleviate the economic impact on their citizens.

The International Energy Agency (IEA) reported that over 115 countries have adopted various strategies, including energy conservation and structural policies aimed at reducing fuel consumption. Jérôme Bilodeau, head of analysis for the IEA’s Office of Energy Efficiency and Inclusive Transitions, stated that while demand-side measures cannot fully replace the energy typically transported through the Strait of Hormuz, they can help moderate the disruption's effects.

In Nigeria, energy economists and industry stakeholders, including Prof Adeola Adenikinju, have called on the Federal Government to implement targeted measures to support consumers amid rising energy costs affecting transportation, food, and business operations.